Bp Stock News

Bernard Looney is removing an increasingly awkward appendage. In a seismic move, the BP chief executive said on Sunday the UK oil giant would exit its 19.75% stake in Rosneft , the state-controlled Russian energy major . In financial terms the timing couldn’t be worse. But Looney may still get something of a consolation.

BP on Sunday said it would take a $25 billion writedown to abandon its Rosneft holdings. Exxon holds a 30% stake, alongside Rosneft, Japan''s SODECO and India''s ONGC Videsh, in Sakhalin Island oil and gas fields in Russia’s Far East.

President Vladimir Putin put Russia’s nuclear deterrent on high alert on Sunday, February 27 in the face of a barrage of Western reprisals for his war on Ukraine, which said it had repelled Russian ground forces attacking its biggest cities. The United States said Putin was escalating the war with “dangerous rhetoric”, amid signs that the biggest assault on a European state since World War Two was not producing rapid victories, but instead generating a far-reaching and concerted Western response. Less than four days after it started, the invasion has triggered a Western political, strategic, economic and corporate response unprecedented in its extent and coordination. “With this war on Ukraine, the world will never be the same again,” EU’s foreign policy chief Josef Borrell wrote in an opinion piece in the Guardian newspaper. “It is now, more than ever, the time for societies and alliances to come together to build our future on trust, justice and freedom. It is the moment to stand up and to speak out.

BP''s decision to abandon its stake in oil giant Rosneft is the first high-profile example of the self-sanctioning by companies of their business links to Russia, a process likely to have major short- and long-term implications for energy markets.

NATO condemns the move on the fourth day of the Ukrainian invasion. Also: the energy giant BP says it''s divesting its twenty percent stake in the Russian Rosneft company, and the European Union bans Russian state media outlets from broadcasting to its member-states.

3/3 © Reuters. FILE PHOTO: A 3D printed natural gas pipeline is placed in front of displayed BP logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration 2/3 (Reuters) – Energy major BP (NYSE:) opened a new front in the West’s campaign to isolate Russia’s economy, with its decision to quit the oil-rich country …

Russian holdings may become toxic for the Western oil industry.

Russia is being dealt more financial blows, with BP pulling out of a major investment in state-owned oil producer Rosneft, Norway''s sovereign wealth fund also divesting from the country, and large European banks reportedly stopping trade finance.

BP will sell its shares in Russian energy giant Rosneft

By Ron Bousso and Dmitry Zhdannikov (Reuters) – BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in…

Amid mounting pressure and Russia’s invasion of Ukraine, BP will lose billions after dumping its stake with oil giant Rosneft.

According to the statement, "the resignations will require bp to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first quarter 2022 results, to be reported in May"

LONDON: BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow''s invasion of Ukraine. Rosneft accounts for around half of BP''s oil and

BP owns a 19.75% stake in the Russian oil company, while the Russian government owns around 40% of the business

Pozsar Warns Of Another "Lehman Weekend" As Russia Sanctions May Trigger Central Bank Liquidity Flood In a remarkable show of force and unity, western powers cast aside all their previous concerns about Russian energy supplies and uniliaterally announced the nuclear option of imposing sanctions on the Russian central bank coupled with targeted exclusions from SWIFT of key Russian banks. *EU APPROVES BANNING ALL TRANSACTIONS WITH RUSSIAN CENTRAL BANK The move has sparked a bank run in Russia , as locals scramble to pull out whatever hard currency they can get their hands on before it runs out, and is certain to trigger chaotic moves in FX and commodities when markets reopen in a few hours. Already some Russian banks are offering to exchange rubles for dollars at a rate of 171 rubles per dollar on Sunday, compared to the official closing price of 83 on Friday before the European/US announcement about targeting the Russian central bank. In other words we are looking at a 50%+ devaluation of the Ruble.