BP CEO Bernard Looney insists tensions between Ukraine and Russia won’t affect business
(Picture: AFP via Getty Images)One of the world’s leading anti-Russian corruption campaigners has blasted BP for its investments in the region, saying the British oil giant was “stupid” for going into business there.
Bill Browder, CEO and co-founder of Hermitage Capital Management, said BP’s 20% stake in Rosneft was “at risk” from a possible war between Russian and Ukraine.
Browder told BBC’s Radio 4’s Today Programme: “Surely if there’s a war and there’s sanctions and counter sanctions that stake is at risk. There’s no way around that.”
Rosneft, one of Russia’s biggest energy companies, is majority owned by the Kremlin. Shares in BP sunk on Monday amid fears the Rosneft stake could be caught up in sanctions should Russia invade Ukraine. As well as owning a fifth of Rosneft, BP has three joint ventures with the business.
American financier Browder campaigned for the Maginsky Act in the US, which targeted Russian officials who committed human rights abuses.
He told the BBC: “UK national security shouldn’t be influenced by one British company that basically stupidly went into Russia a long time ago.”
BP CEO Bernard Looney this week said tensions in the region had “no impact” on the company’s operations in Russia and insisted he was “sticking to the business.”
Browder said: “They have no choice at this point, who’s going to buy a huge stake in a Russian company from BP? I don’t think anybody.
“They’re stuck with it.”
BP was contacted for comment.
