FT: BP reiterates long-term Russian strategy after sanctions news

BP once presented its large exposure to the Russian oil and gas sector as a competitive advantage. These days, it is increasingly looking like a liability.

In its second-quarter results statement issued on Tuesday, the UK oil major spelt out in some detail the material risks that a further deepening of international sanctions against Russia might have on the value of its 20 per cent stake in Rosneft, the Russian energy group, and related operations in the country.  MORE