Shares in BP fell nearly 7% on Monday after the British energy major revealed plans to sell its nearly 20% stake in Russian oil giant Rosneft over the weekend following Moscow's invasion of Ukraine.
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. REUTERS/Lee Smith/File PhotoBP is the biggest foreign investor in Russia, and its dramatic exit puts the spotlight on other Western companies with operations in the country amid an escalating crisis between the West and Moscow.
It will take an $11 billion foreign exchange non-cash charge after the exit from Rosneft, which BP will no longer include in its accounts. BP said it was also expecting a second non-cash charge of up to $14 billion for the "carrying value" of Rosneft.Reporting by Pushkala Aripaka and Sachin Ravikumar in Bengaluru; Editing by Anil D'Silva
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