British energy giant BP on Tuesday plunged into a huge net loss in the first quarter after it decided to exit Russia over the country's invasion of neighbour Ukraine. | Fin24
The loss after tax stood at $20.4 billion following BP's decision in February to pull its 19.75-percent stake in energy group Rosneft, ending more than three decades of investment in Russia."Our decision... to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss," BP chief executive Bernard Looney said in a statement.
The European Commission will on Tuesday propose to member states a new package of sanctions to punish President Vladimir Putin's Kremlin for its invasion of Ukraine, including an embargo on Russian oil, officials said. It comes after the EU on Monday warned member states to prepare for a possible complete breakdown in gas supplies from Russia, insisting it would not cede to Moscow's demand that imports be paid for in rubles.In times of uncertainty you need journalism you can trust. For only, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
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