U.K.-based energy company BP cut ties with Rosneft after Russia’s invasion of neighboring Ukraine on February 24. Current CEO Bernard Looney and former Group Chief Executive Bob Dudley are resigning from their board positions at Rosneft.
BP, which produces lubricants under the name Castrol, will take a hit to the tune of $25 billion as it dumps its 19.75% stake in Rosneft. The state-owned energy company’s operations account for about half of BP’s hydrocarbons reserves and a third of its production, according to various news reports.
The European Union has banned Russian aircraft from European airspace and is supplying Ukraine with €500 million worth of weapons. The bloc joins the United States, United Kingdom and Canada in slapping the Kremlin with sanctions. The effect so far has been a devaluation of the ruble by 30%.
“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region … It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue,” said BP’s Chair Helge Lund in a press statement.
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