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BP in line for huge payday from Putin’s energy firm despite pledge to sell stake & More Latest News Here

 

BP is in line for dividends worth hundreds of millions of pounds from Russia’s oil and gas giant Rosneft even after pledging to ditch its stake in the company. 

The FTSE 100 oil and gas giant still owns just under 20pc of Rosneft and so is entitled to its share of Rosneft’s 441bn rouble (£6.4bn) payout for 2021, worth roughly £1.2bn. 

Just before Russia’s invasion of Ukraine, BP was paid a dividend of $464m by Rosneft to cover the first half of 2021, but is still entitled to payment for the second half.

It is unclear whether it will ever get the second payment, however, as Russia hits back at sanctions imposed in the West over its war on Ukraine.

Russia initially banned companies from paying dividends to overseas shareholders, and then blocked payments to companies in “unfriendly” countries, including Britain and the US. 

Funds are instead put into restricted accounts, with approval from Russia to take the money out of Russia. BP does not recognise this as dividend income.   

BP said in February it would sell the Rosneft stake and has written it down to zero in its accounts. 

It has limited options, however, with Russia preventing sales of certain assets and a limited pool of buyers.

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