British oil giant BP said it is “exiting” its 20 percent stake in Russian oil giant Rosneft over Moscow’s invasion of Ukraine, in one of the biggest signs yet of the Western business world cutting ties over the Kremlin’s actions.
BP’s two representatives on Rosneft’s board, Bob Dudley and Bernard Looney, are also resigning, the company said.
“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the bp board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue,” BP chair Helge Lund said in a statement Sunday.
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