BP exits Russia's Rosneft following military action in Ukraine

BP-nominated directors resign from Rosneft board

Oil giant BP is to exit its shareholding in state-owned Russian oil company Rosneft, in which it has held a 19.8% stake since 2013, while both BP-nominated directors will resign from the board of Rosneft immediately.

BP said the resignations of its CEO Bernard Looney and former BP group CEO Bob Dudley from the Rosneft board will require it to change its accounting treatment of its Rosneft shareholding, resulting in "a material non-cash charge with its first quarter 2022 results, to be reported in May". Looney was nominated to the Rosneft board in 2020, while Dudley has been a director since 2013. Given that BP will no longer fit the criteria under the International Financial Reporting Standards (IFRS) for having "significant influence" over Rosneft, it is now treating the Russian company "as a fin...