Foreign media: BP will withdraw its investment from Russia

According to Reuters LONDON on February 27, BP will give up its stake in Russian oil giant Rosneft, thus abruptly ending 30 years of operation
in Russia at a high price.
This marks the most significant move
by a Western company in response to Russia's "invasion" of Ukraine.

Rosneft accounts for about half of its oil and gas reserves, as well as a third of its production, and the divestiture of a 19.
75 percent stake would result in expenses of up to $25 billion
, the British company said.
BP did not say how it planned to pull away
.

BP CEO Bernard Looney said: "I am deeply shocked and saddened by the situation in Ukraine, and my heart goes out to everyone affected
.
This prompts us to fundamentally rethink BP's position on Rosneft
.
”

The swift withdrawal represents a dramatic exit from BP, Russia's largest foreign investor, at a time when the crisis between the West and Moscow is escalating, and puts other Western companies doing business in Russia in the
spotlight.

It also highlights the increasing
pressure that Western governments are putting on their own companies.
As Western governments ramp up economic sanctions on Moscow, they are asking their companies to scale back their operations
in Russia.

A BP spokesman said the company held board meetings on Friday and Sunday to make a decision
to withdraw from Rosneft, as well as two other joint ventures between BP and Rosneft in Russia.

Henning Glojstein, an analyst at the U.
S.
Eurasia Group, said: "In the current situation, any European or American company that has assets in Russia is definitely considering taking similar action
.
" ”