Support The Moscow Times!

BP to Ditch Investment in Russia's Rosneft

Valery Sharifulin / Reuters

British energy giant BP announced Sunday that it was pulling its 19.75% stake in Rosneft following Russia's invasion of Ukraine.

BP's chief executive Bernard Looney also announced that he was resigning from the Russian oil company's board "with immediate effect."

Looney was one of two BP-nominated directors, having held the position since 2020. The other is former BP CEO Bob Dudley, who has also resigned, said BP.

"Russia's attack on Ukraine is an act of aggression which is having tragic consequences across the region," said the company's chairman, Helge Lund.

"BP has operated in Russia for over 30 years, working with brilliant Russian colleagues," he added.

"However, this military action represents a fundamental change."

The announcement came as the European Union applied fresh sanctions against Russia, closing its airspace, banning its state media outlets and restricting its access to the international finance network.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more