The Rising Influence of Rising Affluence

[DewDiligence]

BP divesting Rosneft stake:

https://www.wsj.com/articles/bp-will-exit-nearly-20-holding-in-russias-rosneft-11645982141

British energy giant BP PLC said Sunday it will exit its nearly 20% stake in Russian government-controlled oil producer Rosneft, days after it was pressured to unload the holding by U.K. officials amid Russia's invasion of Ukraine.

The British company faces a potential loss of as much as $25 billion-encompassing the maximum possible impact of selling the Rosneft stake, valued at $14 billion, plus a big expected charge related to foreign-exchange losses. Currently, BP relies on Rosneft for roughly one-third of its oil-and-gas production.