One of Britain's biggest companies, BP, said on Sunday it had decided to exit its 19.75 % stake in

[yaesu]

Russian oil giant Rosneft. It is a significant move that could cost the company up to $25 billion.according to figures in its own statement.

BP Chief Executive Bernard Looney, who will step down from the Rosneft board with Bob Dudley, former chief executive, said the invasion “caused us to fundamentally rethink BP’s position with Rosneft.” He said he had been “deeply shocked and saddened” by the situation. BP has owned almost a fifth of the oil giant since 2013 and it accounted for half of the oil reserves that BP had in the ground, the Guardian understands.

and the hits just keep on coming to pooty's empire.

[Bayard]

1. About time they did something right

[Magoo48]

2. Despoilers

They should have been seized, dismantled, and stripped of assets during the spill.

[uponit7771]

3. WOW !!! In less than a month the whole Russian economy is going to come to a half and people will

... suffer.

[yaesu]

6. Death by a thousand cuts, here is another, Norway's sovereign wealth fund will divest its Russian

assets in response to Russia’s invasion of Ukraine, the Norwegian prime minister announced Sunday.

The $1.3tn sovereign wealth fund is the world’s largest. Its Russian assets, which include government bonds and shares in nearly 50 companies, were worth $2.83bn at the end of 2021.

“We have decided to freeze the fund’s investments and have begun a process of selling out (of Russia),” Jonas Gahr Stoere, the prime minister, said at a news conference.

[uponit7771]

7. Damn, the rich are being hit hard ... Putler has made a HUGE mistake

[yaesu]

8. Yep, makes no sense which is why I'm leaning toward him being insane, not calculating

about the only way he will be stopped is if deep pocket Russians with the help from pissed off uber rich non nationals make the right bribes to military & politicians to do a coup.

[mahina]

13. I am sorry about that.

Been thinking about that too.

But there are few means to hurt pootie alone and this can’t be left unanswered.

[Hekate]

4. And some people said sanctions weren't worth anything

🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻

[NQAS]

5. Actually...

We don’t yet know the effect of the sanctions. This is all good news, of course,but it’s early days yet.

[Javaman]

15. Most sanctions in the past weren't like this

I stated in another post that unless the sanctions are bone crushingly horrible nothing will change

These sanctions are bone crushingly horrible. And that’s what needed to be done

I also thin that China is paying very close attention and are rethinking their strategy for Taiwan

[G_j]

9. this is big

a big monetary loss for BP.

[SunSeeker]

10. Well, this goes a little ways to making up for what BP did to the Gulf Coast. nt

[TeamProg]

11. Thanks for posting. n/t

[yaesu]

12. you're welcome nt

[KentuckyWoman]

14. With BP it's all about the money.

BP's leadership doesn't do anything for humanitarian reasons. It is always about money. They figured out how to get good press out of the situation.

https://www.forbes.com/sites/edhirs/2020/08/05/bps-strategic-shift-to-renewables/?sh=791904a3deb1

August 2020

BP announced it will not enter new countries for exploration and development, and this signals a winding down consistent with maximizing cashflow. Oil companies throw off lots of cash once they reduce exploration activities. The one-time costs of seismic, leasing, drilling and building out infrastructure to bring hydrocarbons to market are huge in comparison to the relatively small cost of pumping oil from the ground. Barrels from existing wells will deliver huge amounts of cash straight to the company treasury.

This partial exit will provide the cash to pay down debt from earlier acquisitions, pay dividends and pay for ramping up BP’s endeavors in the carbon-lite energy economy.

In the European Union, where a carbon pricing regime is in place, there are financial incentives to go green. The U.S. is late to game and has not established a national carbon pricing scheme. When it does, the incentives to move faster to clean and renewable energy may reward BP’s shareholders for the strategic change today

[TexasBushwhacker]

16. I wonder if Schlumberger will pull out of Gazprom

They've worked with the Russians on it for 30 years.

https://www.slb.com/resource-library/case-study/bdt/direct-xcd-russia-cs

[lagomorph777]

17. With Putrid's military preoccupied attacking Ukraine, who's minding the Siberian oil fields?

Might be a tempting target to grab them...