BP sells off nearly 20% stake in Rosneft, Russia's state-owned oil company.

• BP, a British energy giant, announced on Sunday that it was selling its 19.75% stake in Rosneft, a Russian-owned oil company.
• Effective immediately, BP CEO Bernard Looney and former executive Bob Dudley are resigning from Rosneft's board.
• Helge Lund, BP chair, stated that this military action signifies a significant shift.

The British energy giant announced on Sunday that it was selling its 19.75% stake in Rosneft, a Russian-owned oil company.

Two BP executives, Bernard Looney and Bob Dudley, have resigned from Rosneft's board, effective immediately. Looney had been a director since 2020, while Dudley had been a director since 2013.

BP has been operating in Russia for over three decades, but the Russian invasion of Ukraine has prompted the company to reconsider its stake in the country.

BP chair Helge Lund stated that the military action represents a fundamental change, leading the BP board to conclude that their involvement with Rosneft, a state-owned enterprise, cannot continue after a thorough process.

Last week, The Wall Street Journal reported that British officials were accusing Rosneft of fueling the Kremlin's advance into Ukraine, which had been putting immense pressure on BP to exit its stake in the company.

Kwasi Kwarteng, the UK's business secretary, expressed his welcome on Twitter regarding BP's recent decision.

Kwarteng stated that Russia's unprovoked invasion of Ukraine should serve as a warning to British businesses with commercial ties to Putin's Russia.

According to the Journal, BP's oil-and-gas production was contributed to by Rosneft, which accounted for approximately one third of it.

BP anticipates reporting a significant non-cash charge in its first-quarter 2022 results, which will be announced in May, due to the sale of its stake.