FX.co ★ BP stands by its investments in Russia despite Western sanctions

Reuters reported that Western sanctions over Russia’s actions in Ukraine have not impacted BP’s business in Russia, chief executive Bob Dudley said in Moscow. He reiterated that the British oil major owning a 19.75% stake in Russia's top oil producer Rosneft is not going to give up its Russian investments.
"We are rock solid with our investments in Rosneft and we will stand by our investments. For us it's business as usual," he told reporters.
Dudley spoke at the shareholders’ meeting last week. Obviously, the chief executive was questioned about his outlook on investments in Rosneft on the back of the diplomatic standoff between Russia and Western states followed shortly after Ukraine’s conflict and the Crimean referendum. The geopolitical tensions prompted the U.S. and EU to impose sanctions on several Russian high ranking-officials and entrepreneurs as well as companies, Bank Rossiya in particular. BP’s stake in Rosneft accounts for nearly one third of the total oil output of the British corporation. The stake was acquired as a result of purchasing TNK-BP’s shares by Rosneft. Being a partner of the TNK-BP joint venture in Russia, the British company owned the 20% stake on the parity basis with AAR holding represented by Russia’s billionaires Mikhail Fridman, Viktor Vekselberg, and Leonid Blavatnik.
TNK-BP’s shares owned by the British corporation were swapped for Rosneft’s securities. The deal is worth $55 billion.