Read the data from Reuters about the hit BP took in leaving Russia. Investors who ignore data like you just did always lose money. Stay in index funds or cash for your own financial safety. https://www.reuters.com/business/energy/britains-bp-says-exit-stake-russian-oil-giant-rosneft-2022-02-27/

DIVIDEND BLOW

BP said its move and financial hit will not impact its short and long term financial targets within its strategy to shift away from oil and gas to low-carbon fuels and renewables energy.

But Hargreaves Lansdown's Streeter said a write down of this magnitude is "likely to limit the extent to which BP can continue to accelerate its transition towards renewables."

Looney and his predecessor as CEO Bob Dudley will both step down from the board of Rosneft, which BP acquired a shareholding in as part of its $12.5 billion TNK-BP stake sale in 2013.

BP held a board meeting on Friday and another on Sunday where the decision to quit Rosneft, as well as two other joint ventures BP has with Rosneft in Russia, was taken, a spokesperson for the company said.

It will take an $11 billion foreign exchange non-cash charge after the exit from Rosneft, which BP will no longer include in its accounts. BP said it also expects a second non-cash charge of up to $14 billion, for the "carrying value" of Rosneft.

BP received revenue from Rosneft in the form of dividends which totalled around $640 million in 2021, roughly 3% of its overall cash flow from operations.

The company currently has around 200 employees in Russia, most of whom are local staff, the BP spokesperson said.

Many other Western energy companies have operations in Russia, including TotalEnergies which holds a 19.4% Novatek (NVTK.MM) stake and 20% of the Yamal LNG project.

"In the current environment any European or American company with assets in Russia must be considering similar moves," Eurasia Group analyst Henning Gloystein told Reuters.

BP exits its Rosneft stake

Reuters Graphics