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BP Wary of Sanctions Against Russia

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Sanctions against Russia may have a negative impact on the performance and financial situation of oil and gas company BP, who holds a stake in Rosneft, a statement by BP said.

MOSCOW, July 29 (RIA Novosti) – Sanctions against Russia may have a negative impact on the performance and financial situation of oil and gas company BP, who holds a stake in Rosneft, a statement by BP said.

“Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation,” the company said in their “Second quarter and half year results 2014” statement.

The company points out that the current sanctions do not affect the company much, though they are monitoring the situation.

On March 21, 2013, BP completed the sale of its 50 percent interest in TNK-BP to Russian state-controlled oil giant Rosneft and subsequently acquired a 19.75 percent stake in Rosneft.

Earlier on, the United States imposed a number of sanctions against Russia, targeting Russian companies in banking, gas and oil production, including Rosneft who is on the so-called Sectoral Sanctions Identifications List.

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