BP exits Russia's Rosneft following military action in Ukraine

clock • 3 min read

Oil giant BP is to exit its shareholding in state-owned Russian oil company Rosneft, in which it has held a 19.8% stake since 2013, while both BP-nominated directors will resign from the board of Rosneft immediately. BP said the resignations of its CEO Bernard Looney and former BP group CEO Bob Dudley from the Rosneft board will require it to change its accounting treatment of its Rosneft shareholding, resulting in "a material non-cash charge with its first quarter 2022 results, to be reported in May". Looney was nominated to the Rosneft board in 2020, while Dudley has been a director...

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