BP offloads stake in Russia’s Rosneft

The Kremlin is reflected in the polished company plate of the state-controlled Russian oil giant Rosneft at the entrance of the headquarters in Moscow,

The British energy giant said it was selling its stake in the Russian oil company.

Bob Dudley and Bernard Looney resigned from the board. One of the two nominees for the position of director of the oil company was Looney. The company said that Dudley was a director.

The Russian invasion of Ukraine has forced the company to reexamine its holding in Russia.

The military action has led the board to conclude that the company's involvement with the state is in fact a fundamental change.

The Wall Street Journal reported last week that the British government was trying to get the company to sell its stake. The paper said that British officials were accusing the Russian company of helping the Kremlin.

The UK's business secretary, who was reported to have held a talk with the company, welcomed the decision.

The unprovoked invasion of Ukraine by Russia must be a wake up call for British businesses with commercial interests in Russia.

According to the Journal, the oil-and-gas production of the company had been contributed by the Russian company.

A material non-cash charge is expected with the first-quarter results in May.