bp will exit its 19.75% shareholding in Rosneft amid Russia's military attack on Ukraine, the bp board announced on Sunday.
bp chief executive officer Bernard Looney and former bp group chief executive Bob Dudley will also resign from the board of Rosneft with immediate effect.
Looney held the position of a director of Rosneft as one of two bp-nominated directors since 2020 while Dudley has been a director of Rosneft since 2013.
The situation in Ukraine caused bp to fundamentally rethink the company's position with Rosneft, Looney said.
'I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp,' he added.
bp chair Helge Lund called Russia's invasion of Ukraine, 'an act of aggression which is having tragic consequences across the region.'
'The Rosneft holding is no longer aligned with bp’s business and strategy and it is now the board’s decision to exit bp’s shareholding in Rosneft,' Lund added.
By Zeynep Beyza Kilic