bp cuts Russian ties

bp will exit its 19.75% shareholding in Rosneft / Both bp-nominated directors to resign from Rosneft board with immediate effect / bp will no longer report reserves, production or profit for Rosneft / Changes in accounting treatment of Rosneft shareholding expected to lead to a material non-cash charge / bp’s financial frame and distribution guidance remains unchanged

The bp board today announced that bp will exit its shareholding in Rosneft. bp has held a 19.75% shareholding in Rosneft since 2013. Additionally, bp chief executive officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by bp, former bp group chief executive Bob Dudley, is similarly resigning from the board. The resignations... ... More: Official Press Release bp

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