BP said Sunday it is exiting its share in Rosneft, a state-controlled Russian oil and gas company, in reaction to Russia's invasion of Ukraine.
BP has held a 19.75% stake in Rosneft since 2013. That stake is currently valued at $14 billion.
London-based BP also said its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately resign from Rosneft’s 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 in a statement.
BP Chairman Helge Lund said BP has operated in Russia for more than 30 years.
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