bp would like to confirm the current status of its business and interests in Russia.

bp is exiting Russia

On 27 February 2022, bp’s board decided that bp would exit its 19.75% shareholding in Rosneft and its other business in Russia. bp was the first international company to announce such an exit. That decision remains unchanged and bp has no intention of returning to business as usual in Russia.

bp has no operations in Russia

bp’s nominated directors stood down from Rosneft’s board immediately and bp withdrew its international staff from the country. bp has since withdrawn businesses such as lubricants and aviation.

The decision to leave Russia had a material impact on bp

bp’s board took the decision to exit Russia only after a thorough process and bp remains confident it was the right decision. As a result, bp took a post-tax charge of $24.4 billion in its 1Q 2022 results – the largest such impact on any company globally. bp no longer reports any equity share of oil and gas reserves or production or of earnings from Rosneft - reducing bp’s reported oil and gas reserves by more than 50%, reported oil and gas production by around one third, and reported earnings by around $2 billion a year.

bp has not received any dividends or other revenues nor reported any profits from Russia since its decision – and does not expect to

bp is aware of statements regarding Rosneft’s payment of dividends but it has not received any payments since its decision of 27 February. It has no expectation of receiving any in the future.

bp continues to actively pursue the disposal of its shareholding in Rosneft

The process is complex due to both international sanctions and Russian regulations. bp is actively engaged in marketing the asset, but its ability to sell is constrained by Russian legislation and the Russian government, who have effective approval rights on any buyer, as well as by limitations resulting from international sanctions. It was anticipated that this would be – and it is proving to be – a drawn-out process.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.