Skip to content

BP to Exit Rosneft Stake and May Take a $25 Billion Hit

  • British company could be forced to make $25 billion writedown
  • U.K. government pressured BP over its alliance with Rosneft
Video player cover image
WATCH: BP is moving to dump its shares of Russian oil giant Rosneft.Source: Bloomberg
Updated on

BP Plc moved to dump its shares in oil giant Rosneft PJSC, taking a financial hit of as much as $25 billion by joining the campaign to isolate Russia’s economy. 

The surprise move from the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine. BP has been in Russia for three decades and just weeks ago was staunchly defending its presence there.