Under pressure from the government, BP sold nearly 20% of Rosneft's shares

On February 27, local time, British energy giant BP announced that it would sell its 19.
75% stake
in Rosneft.
BP CEO Bernard Rooney and former executive Bob Dudley will also resign from Rosneft's board of directors, effective
immediately.

As the Russia-Ukraine conflict escalates, the oil giant has been under pressure from the British government to act
.
According to reports, on the 25th, British Business Secretary Kwassy Kwoten had more than 20 minutes of telephone talks
with BP CEO Bernard Rooney.

The company believes that the Russian military operation against Ukraine represents a fundamental change that led BP's board of directors to conclude after discussion that cooperation with Rosneft cannot continue
.
Helg Lund, Chairman of BP, said in a statement: "BP has been operating in Russia for more than 30 years, working
with outstanding Russian colleagues.
However, this military operation represents a fundamental change
.
”

Lund said the company's board of directors had concluded after discussion that its cooperation with Rosneft could not continue
at all.
BP has held a 19.
75% stake
in Rosneft since 2013.

BP has been under intense pressure from the UK government to withdraw its stake
in the company.
Some British officials have accused Rosneft of fueling Russia's military campaign
against Ukraine.

Rosneft contributes about a third of BP's oil and gas production
.

As a result of the sale of its stake, BP said it expects to report significant non-cash charges
for its first quarter 2022 results in May.