In September, BP officials, including Chief Executive Bob Dudley and board Chairman Carl-Henric Svanberg, met with Russian Vladimir Putin to discuss the company's position in Russia. Dudley had served as the top official at Russian joint venture TNK-BP before moving to the British major.
BP had said it was interested in the potential sale of its stake in TNK-BP.
Sky News reported that it's learned from unnamed sources that AAR signed an agreement that outlines the sale of its half of the joint venture to Russia's state-owned oil company Rosneft for around $28 billion.
Rosneft during the summer said it let BP know it was interested in taking on a stake in joint venture.
Both sides of the venture have been at odds over the direction of the company. Dudley in 2008 left his Moscow offices at TNK-BP when the Russian side expressed concern he was favoring British interests.
There was no confirmation of any deals from the parties involved.