Arab Press

بالشعب و للشعب
Tuesday, Feb 24, 2026

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

Arab Press
0:00
0:00
Close
GCC Secretary-General Holds Talks with EU Ambassador in Riyadh
Gulf States’ AI Investment Drive Seen as Strategic Bet on Technology and U.S. Security Ties
African Union Commission Chair Meets Saudi Vice Foreign Minister to Deepen Strategic Cooperation
President El-Sisi Holds Strategic Talks with Saudi Crown Prince in Riyadh
Lucid Unveils Up to $12,000 Incentive for Air and Gravity Models in Saudi Arabia
Saudi Arabia Enters Global AI Partnership, Expanding Its Role in International Technology Governance
Saudi Arabia’s Landmark U.S. LNG Agreement Signals Major Strategic Shift
Saudi Arabia Accelerates Global Gaming Push with Billion-Dollar Deals and Expanded PIF Mandate
Saudi Arabia Reports $25.28 Billion Budget Deficit in Fourth Quarter of 2025
Alvarez & Marsal Tax Establishes Dedicated Pillar Two and Transfer Pricing Team in Saudi Arabia
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
Saudi Arabia Joins Global Artificial Intelligence Alliance to Strengthen International Collaboration
Shura Island Positioned as Flagship of Saudi Arabia’s Ambitious Red Sea Tourism Drive
Saudi Arabia Rebukes Mike Huckabee Over Remarks in Tucker Carlson Interview
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Mongolian Mining Family’s HK$247 Million Stanley Home Purchase Highlights Resilient Luxury Market
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
×