Following days of intense pressure from the U.K. government, UK energy giant BP Plc
said it will exit its 19.75% stake in Russian oil company Rosneft, a dramatic reversal after Russia’s invasion of Ukraine as Western nations are trying to inflict as much economic pain as possible on Moscow. BP had held its stake in Rosneft since 2013. BP is Rosneft’s biggest private shareholder, according to the Russian company.
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And with BP set to spark a firesale in the already depressed shares, the next question as the FT's Chief Political Correspondents Jim Pickard notes, is "who will the buyer be and at what price."
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Here, all eyes fall on Beijing which will be happy to snap up Russian assets at firesale prices.
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