BP to exit stake in Russia's Rosneft and take up to $25 bln charge

LONDON - BP said on Sunday it would exit its 19.75% stake in Russian oil giant Rosneft after Russia's invasion of Ukraine, amid growing pressure from the British government.

The decision to abandon the Rosneft holding will result in charges of up to $25 billion at the end of the first quarter, BP said in a statement. BP acquired its Rosneft shareholding in 2013 as part of the $12.5 billion sale of a stake in TNK-BP.

BP Chief Executive Bernard Looney and his predecessor Bob Dudley will both step down from the Rosneft board.

"Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink bp's position with Rosneft," Looney said