By DEE-ANN DURBIN, AP Enterprise Author

BP stated Sunday it’s exiting its share in Rosneft, a state-controlled Russian oil and fuel firm, in response to Russia’s invasion of Ukraine.

BP has held a 19.75% stake in Rosneft since 2013. That stake is at the moment valued at $14 billion.

London-based BP additionally stated its CEO, Bernard Looney, and former BP govt Bob Dudley will instantly resign from Rosneft’s board.

“Like so many, I’ve been deeply shocked and saddened by the state of affairs unfolding in Ukraine and my coronary heart goes out to everybody affected. It has brought about us to essentially rethink BP’s place with Rosneft,” Looney stated in an announcement.

BP Chairman Helge Lund stated BP has operated in Russia for greater than 30 years.

“Nonetheless, this army motion represents a elementary change,” Lund stated in an announcement.

Kwasi Kwarteng, the U.Ok.’s secretary of state for enterprise and vitality, stated he welcomed BP’s choice.

“Russia’s unprovoked invasion of Ukraine have to be a get up name for British companies with business pursuits in Putin’s Russia,” Kwarteng stated in a tweet.

BP stated it is going to take two non-cash fees within the first quarter to replicate the change, together with an $11 billion cost for international alternate losses which have amassed since 2013.

Rosneft’s partnerships with Western oil and fuel corporations have been stymied earlier than.

In 2011, Exxon Mobil, led on the time by future U.S. Secretary of State Rex Tillerson, signed a take care of Rosneft to probably drill within the oil-rich Russian Arctic. However Exxon ended that partnership in 2017, citing U.S. and European sanctions towards Russia.

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