BP to exit its 20% stake in Russia's Rosneft as west ups ante

BP owns a 19.75% stake in the Russian oil company, while the Russian government owns around 40% of the business

BP is to pull its stake in Russian oil company Rosneft.

BP will sell its $14bn (€12.5bn) stake in oil producer Rosneft, which it co-owns with the Kremlin, after facing pressure from the Government.

The oil firm's chief executive Bernard Looney is also resigning from the Rosneft board with "immediate effect", it said in a statement.