BP PLC said Sunday it will exit its nearly 20% stake in Russian oil producer Rosneft , days after it was pressured to unload the holding by the U.K. government amid Russia’s invasion of Ukraine.
BP Chief Executive Bernard Looney and former CEO Bob Dudley will resign from Rosneft’s board, the British company said. The divestment could result in a charge of more than $20 billion for BP, depending on how it manages the exit. BP valued the Rosneft stake at $14 billion at the end of 2021, according to the company.
