The BP p.l.c. (LSE:BP.) (BP) board announced that BP will exit its shareholding in Public Joint Stock Company Rosneft Oil Company (LSE:ROSN). BP has held a 19.75% shareholding in Rosneft since 2013. BP will also exit its other businesses with Rosneft within Russia (This includes an interest in three joint ventures with a carrying value of around $1.4 billion at year-end 2021) .

BP Chair Helge Lund 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. We can no longer support bp representatives holding a role on the Rosneft board. The Rosneft holding is no longer aligned with bp's business and strategy and it is now the board's decision to exit bp's shareholding in Rosneft.

The bp board believes these decisions are in the best long-term interests of all our shareholders".