BP has held a 19.75% stake in Rosneft since 2013. That stake is currently valued at $14 billion.
BP said Sunday it is exiting its share in Rosneft, a state-controlled Russian oil and gas company, in reaction to Russia's invasion of Ukraine.London-based BP also said its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately resign from Rosneft’s board.
“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft,” Looney said in a statement.“However, this military action represents a fundamental change,” Lund said in a statement.
Kwasi Kwarteng, the U.K.'s secretary of state for business and energy, said he welcomed BP's decision.
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