BP to sell its stake in Russia’s state oil company Rosneft
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 February 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
BP plans to divest its stake in Russia’s state-oil company Rosneft, Norway’s $1.3tn oil fund plans to sell out of Russia and US and Western allies to impose sanctions on Russia’s central bank and cut some lenders from Swift. Plus, shares in cybersecurity companies rise as companies around the world fear more Russian cyberattacks.
Mentioned in this podcast:
BP to divest stake in Russian state-oil company Rosneft
West to impose sanctions on Russian central bank and cut some lenders from Swift
A global financial pariah’: how central bank sanctions could hobble Russia
War in Ukraine risks scrambling the logic of cyber security
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.3 | Today is Monday, February 28th, and this is your FT News Briefing. |
| 0:18.3 | Over the weekend, we saw tougher government sanctions on Moscow and a stunning corporate move |
| 0:22.5 | to divest from Russia after it invaded Ukraine. We'll also talk with the FT's John Thornhill |
| 0:27.8 | about what this invasion says about the limits of Russia's cyber warfare. |
| 0:32.2 | Cyberweapons couldn't amplify or complement other forms of power, but they are not a substitute |
| 0:38.5 | for them. They can't achieve things on their own, so I think hard power still counts. |
| 0:43.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.9 | The world's biggest sovereign wealth investor, Norway's oil fund, has been instructed to freeze |
| 0:55.6 | all new investments in Russia immediately. It'll also start unwinding its existing $3 billion worth |
| 1:01.9 | of Russian holdings. This is part of a wider package of support for Ukraine. |
| 1:06.6 | And in the UK, oil major BP announced that it will divest its 20% stake in Russian state oil |
| 1:13.0 | company, Rozneft. We spoke to the FT's town Wilson about that. |
| 1:17.3 | This move is absolutely huge, and if you'd asked me three days ago, completely unexpected, |
| 1:23.4 | and BP's been in Russia for 30 years, and it's held this stake in Rozneft for almost a decade, |
| 1:30.6 | up until very, very recently. I mean, when you would ask BP about its Rozneft stake, |
| 1:36.2 | which has always been contentious, BP would say that they're in Russia for business, not for politics, |
| 1:41.6 | but really in the last four days when we've seen the brutality of Putin's invasion of Ukraine. |
| 1:48.3 | On Friday, we reported that Chief Executive Bernalini had been called in to see a senior |
| 1:53.9 | British cabinet member who expressed his unease with BP's stake in the business, and then 48 hours |
... |
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