LONDON—BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow’s invasion of Ukraine.
Rosneft accounts for around half of BP’s oil and gas reserves and a third of its production and divesting the 19.75 percent stake will result in charges of up to $25 billion, the British company said, without saying how it plans to extricate itself.
