Energy and Environment

BP and Shell drop stakes in Russian oil companies, likely taking massive hit

By Zach Halaschak
Published February 28, 2022 9:27pm ET
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BP and Shell drop stakes in Russian oil companies, likely taking massive hit
The logos of Shell (left) and BP (right) are seen. | (AP Photos)

BP and Shell are divesting their stakes in massive Russian oil companies because of the war in Ukraine, decisions that could result in losses worth billions of dollars.

The United Kingdom-based BP announced on Sunday that it would be exiting its 19.75% stake in Rosneft, which accounts for about half of BP’s oil and gas reserves. Shell followed Monday and said that it is exiting all its investments in Russian projects because of the Kremlin’s decision to wage war.

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BP Oil Russia-Ukraine War Sanctions Shell