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Energy

BP to exit stake in Russian state oil company Rosneft

Move is latest sign of corporate repercussions of Moscow's invasion of Ukraine

Getting out of Rosneft is "in the best long-term interests of all our shareholders," BP's chairman said in a news release.   © Reuters

LVIV, Ukraine (Financial Times) -- BP said it was exiting the 20% stake in Russian state-oil company Rosneft it has held since 2013 in a stark sign of the corporate backlash from Moscow's invasion of Ukraine.

The U.K.-listed oil group said in a statement on Sunday that it would no longer report reserves, production or profit from Rosneft, and its chief executive, Bernard Looney, would be resigning from the Rosneft board "with immediate effect."

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