€617m blow for BP over investment

Moscow: BP lost $849m (€617m) on its investment in OAO Rosneft yesterday, highlighting how its relationship with Russia’s state oil company may become awkward as the crisis in Ukraine develops.

Rosneft dropped 4.1% to close at 234.1 rubles in Moscow. Combined with a drop in the currency, the company’s market value fell by $4.3bn.

BP holds 19.75% of Rosneft after selling it half of the TNK-BP venture last year.