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BP reviewing Russian role after sanctions

BP owns 19.75 percent of Russian oil company Rosneft.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 18, 2014 at 9:05 AM

MOSCOW, July 18 (UPI) -- With a minority stake in Russian oil company Rosneft, a spokesman for BP said the company is reviewing the latest round of U.S. sanctions on Russia.

BP owns a 19.75 percent stake in Rosneft. Vladimir Buyanov, a spokesman for BP in Russia, told the ITAR-Tass news agency the company was taking a look at the potential impacts of U.S. sanctions

"We are currently studying the situation with new sanctions the United States has imposed on Russia," he said Thursday.

Rosneft, Russian independent gas producer Novatek and the financial arm of Russian natural gas Gazprom were included on the list of sanctioned entities earlier this week.

U.S. Undersecretary for Terrorism and Financial Intelligence David Cohen said the sanctions were enacted because "Russia has failed to meet the basic standards of international conduct" in its response to lingering crises in Ukraine.

BP and Rosneft signed $1.5 billion deal for the supply of oil products in June. Rosneft Chief Executive Officer Igor Sechin was sanctioned by the U.S. government earlier this year.

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