BP announced this Sunday (27) that it intends to exit its 19.75% stake in Russian oil giant Rosneft. This move follows as a consequence of Russia's invasion of Ukraine.

If confirmed, the British oil company will put a sudden end to 30 years of operation in the oil-rich country of Russia.

Britain's BP has not advanced how it will follow up on the disassociation of the stake with charges of up to $25 billion at the end of the first quarter.

Russia's Rosneft accounts for about half of BP's oil and gas reserves and one-third of its production.

"The situation unfolding in Ukraine has caused us to rethink BP's position with Rosneft," said BP CEO Bernard Looney.

The decision represents the boldest move by a Western oil company with exposure to Russia amid a growing crisis between the West and Moscow.

BP said the news will not impact its short- and long-term financial goals that include a strategy to move away from the use of fossil fuels such as oil and gas in favor of low-carbon fuels and renewable energy.

Because of the stake, BP received revenue from Rosneft in the form of dividends totaling about $640 million in 2021, about 3% of BP's cash flow from operations.