London Daily

Focus on the big picture.
Thursday, Oct 16, 2025

Ukraine conflict: BP under pressure to sell stake in Russian firm

Ukraine conflict: BP under pressure to sell stake in Russian firm

Oil giant BP is under pressure from the UK government to offload its 20% stake in the Russian state-owned oil firm Rosneft, the BBC has been told.

Business Secretary Kwasi Kwarteng spoke to BP boss Bernard Looney on Friday following Russia's invasion of Ukraine.

He "left Mr Looney in no doubt about the seriousness of government concerns about BP's overexposure to Russian interests", an official said.

BP has said it is "closely watching the concerning developments" in Ukraine.

Mr Looney and former BP chief executive Bob Dudley have a seat on Rosneft's board alongside its chairman Igor Sechin, who is a close friend and ally of Russian President Vladimir Putin.

UK government officials hinted a disposal of BP's stake in Rosneft looked like the only plausible option to remedy a "deeply unsatisfactory" arrangement.

BP has owned the stake in Rosneft for more than a decade.

The PA News agency reported Mr Looney was in Russia as recently as October, when he appeared on a panel with Mr Putin, which he later described as a "privilege".

BP's final year results, published two weeks ago, revealed Rosneft accounted for $2.7bn (£2bn) of its profits, about a fifth of its total.

Mr Looney said at the time Russia was "a large member of the energy system. We avoid the politics, that serves us well in many countries around the world".

BP admitted last year sanctions on Russia could be problematic for its business and this week western allies have imposed a series of economic sanctions on Russia.


BP's 20% stake in a company majority-owned by the Russian state was always uncomfortable and Russia's invasion of Ukraine has led the government to think it untenable.

The boss of BP sits on a board with close Putin friend and ally, Rosneft Chairman Igor Sechin and other sanctioned board members.

Sources close to the Business Secretary Kwasi Kwarteng suggested selling the stake seems the only palatable solution.

It's proved a valuable stake for BP as oil prices have risen and it contributed nearly $3bn to BP profits last year.

It is a stark example of a grim paradox. The higher oil and gas prices rise, the more the countries that are dependent on Russian energy provide the fuel for the very war machine they are trying to stop.

In response to questions about Russia's invasion of Ukraine, BP said: "We are doing all we can to monitor the fast-changing situation.

"We are accounting for all our team and will continue to support them and provide any help they need.

"BP will, of course, comply with all relevant sanctions."

Following the invasion on Thursday, oil prices surged past $100 (£74) a barrel to hit their highest level for more than seven years.

Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter.

Europe gets nearly a third of its oil and about 40% of its gas from Russia, much of it flowing through pipelines across Ukrainian territory.

Concerns remain that sanctions could constrict supplies and drive up prices worldwide.

Newsletter

Related Articles

0:00
0:00
Close
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
French Political Turmoil Elevates Marine Le Pen as Rassemblement National Poised for Power
China Unveils Sweeping Rare Earth Export Controls to Shield ‘National Security’
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
×