Outburst! Two oil giants announced their withdrawal from Rosneft

On February 27, local time, BP Group (formerly known as British Petroleum) announced on its official website that it would withdraw its holdings
in Rosneft.
BP Group has held a 19.
75% stake
in Rosneft since 2013.
In addition, BP Group CEO Bernard Looney will resign as a director of Rosneft with immediate effect
.
Another BP group nominee director at Rosneft, former BP Group chief executive Bob Dudley, will also resign
from the board.
The Company is expected to report a significant non-cash expense
in its first quarter 2022 results in May.
According to Russia's state-owned news agency RIA Novosti reported, Rosneft blamed the BP's decision on "unprecedented political pressure," saying 30 years of successful cooperation were ruined
.

The losses amounted to $25 billion

The BP's choice to divest Rosneft of all of its shares means it will join the action against Russia's
economic sanctions.

According to Reuters, BP Group said Rosneft accounts for about half of the group's oil and gas reserves and a third of its production, and a divestiture of 19.
75 percent of the stake would result in a fee of up to $25 billion, but BP did not say how it plans to get out of the way
.
BP will also exit other businesses in Russia, including three joint ventures with a book value of about $1.
4 billion
.

"Russia's unprovoked invasion of Ukraine is a wake-up call
to all British businesses with commercial interests in Russia [under Putin].
" Kwarteng tweeted
.

According to Russia's state-owned news agency RIA Novosti reported, Rosneft blamed the BP's decision on "unprecedented political pressure," saying 30 years of successful cooperation were ruined
.

Under pressure from the British government

BP Group Chairman Helge Lund said that BP has been operating in Russia for more than 30 years, Russia's military operations in Ukraine are a fundamental change, and the board of directors believes that cooperation with Rosneft cannot continue, and that the holding in Rosneft is no longer consistent
with BP's business and strategy.
And just a few weeks ago, BP was firmly defending its operations
in Russia.

The Wall Street Journal reported on February 25 that British Business Secretary Kwasi Kwarteng said in talks with BP Group CEO Bernard Looney that the British government believes that the Russian oil company has links with the Kremlin and played a role in Russia's "invasion" of Ukraine, saying it is closely monitoring BP Group's stake
in Rosneft.

Statoil announced its withdrawal

Hours after the BP announced its withdrawal from Rosneft, state oil company Equinor also said it would withdraw from the Russian joint venture
.
Equinor's joint venture in Russia is worth about $1.
2 billion.

So far, oil majors such as ExxonMobil, Shell and Total have not said anything
about their assets in Russia.

ExxonMobil has about $4 billion in assets in Russia and holds a 30 percent stake
in the Sakhalin-1 oil and gas project.

Shell owns a 27.
5% stake
in the Sakhalin-2 joint venture in Russia.
The project is one
of the world's largest integrated, export-oriented oil and gas projects.
Total holds a 19.
4 percent stake
in Novatek, Russia's largest independent gas supplier.