BP, the UK’s second-largest oil producer, has said profit has fallen because of lower output and a drop in earnings at refineries.

The United States froze assets and imposed visa bans on seven Russians close to President Vladimir Putin yesterday and also sanctioned 17 Russian companies in reprisal for Moscow’s actions in Ukraine.

The United States has announced new sanctions on seven Russian government officials and 17 companies with links to President Vladimir Putin’s inner circle.

BP was today on the verge of a deal that will see it take a significant stake in what will be the world’s largest publicly listed oil producer.

BP’s €11.3bn share-swap with Russian government-owned Rosneft was dealt another blow today after a tribunal blocked the deal until further notice.

BP has unveiled an “historic” agreement with the Russian government in a £10bn (€11.85bn) deal which will open up unexplored reserves in the Arctic.

BP Plc defended its chief executive yesterday after Russia’s deputy prime minister said he expected Tony Hayward to resign soon, as a strengthening storm threatened efforts to capture more oil gushing into the Gulf of Mexico.

Russia’s Prime Minister Vladimir Putin today forecast the world financial crisis and rising costs would force up the price of natural gas.

Russian prime minister Vladimir Putin reshuffled the Russian government today in his first major action since leaving the Kremlin.

Russian President Vladimir Putin strongly defended the purchase of Yukos oil company assets by a state-owned firm, saying today that the state was getting its due.

Russian President Vladimir Putin today scheduled a news conference that is expected to be overshadowed by the controversial sale of the embattled Yukos oil giant’s core unit and the Kremlin’s course toward Ukraine.