BP will exit its stake in Rosneft
BP, Equinor and Shell heap pressure on peers
The firms’ Russian exits will make remaining in the country difficult to justify for other IOCs
The decisions by BP, Shell and Norway’s Equinor to quit their Russian oil and gas businesses in response to the invasion of Ukraine have seen continuing licence to operate placed above immediate economics. It will now be very difficult for other IOCs, particularly those based in an angry and almost uniformly pro-Ukraine Europe, to resist calls for them to follow suit, even if they might be more reluctant to do so. BP will exit its stake in Russian oil company Rosneft, while Norway’s Equinor is to start withdrawing from its joint ventures (JVs) in Russia—which arose mainly from a 2012 cooperation agreement with Rosneft and had a value of c.$1.2bn at the end of 2021, according to Spanish bank
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
