Rosneft has been under US and EU sanctions since Russia annexed Crimea in 2014. Those measures were designed to ensure Rosneft could still export oil and gas but stymie its future growth. As a result, BP was still able to report profits of more than $2.4bn from its Rosneft stake last year and collect $640mn in dividends, while Looney has continued to sit on the Russian group’s board.
UK government calls in CEO Looney, as opposition MPs demand UK oil group divest 20% Rosneft holding over Russian energy group’s central role providing fuel to Vladimir Putin’s armed forces, which are engaged in a bloody assault on Ukraine.
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