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BP: EU and US sanctions on Russia hurt profits and investments in state-owned oil firm Rosneft

Energy giant BP complained yesterday that sanctions on Russia could hurt its profits because of its stake in oil firm Rosneft.

BP complained that any erosion of its relationship with Rosneft — which is majority controlled by the Russian state with BP holding a 19.75 per cent stake — could adversely impact on its reputation.

The US has already slapped sanctions on Rosneft’s president and prohibited the company from tapping US markets. 

The European Union is also considering broadening sanctions to close European capital markets to Russia.

“If further international sanctions are imposed on Rosneft or on Russia … this could have a material adverse impact on our relationship with and investment in Rosneft, our business and strategic objectives in Russia and our financial position,” the company whinged.

Meanwhile, BP announced that its main measure of earnings rose by 33 per cent to £1.9 billion from £1.40bn for the same quarter a year ago.

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