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BP’s $1 Billion Loss In Russia Highlights Rosneft Risk

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March 4, 2014

BP Plc lost more than $1 billion on its investment in OAO Rosneft overnight, highlighting how its relationship with Russia’s state oil company may become awkward as the crisis in Ukraine develops.

Rosneft dropped as much as 8.6% March 3 to as low as 225.25 rubles in Moscow, combined with a drop in the ruble that cut its market capitalization by more than $5 billion. BP holds 19.75% of Rosneft after selling its half of the TNK-BP venture last year.

Russian stocks tumbled as Western powers considered how to respond ...

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