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BP says no new deals for Russian oil or gas as pressure grows over imports


BP to continue existing contraction obligations for Russian energy

Comes ahead of UK statement on reducing energy dependence on Russia

Shell also halts spot purchase of Russian crude

  • Author
  • Robert Perkins
  • Editor
  • Robert Perkins
  • Commodity
  • LNG Natural Gas Oil
  • Topic
  • War in Ukraine

BP said March 8 it will not enter new energy deals with Russian counterparties, including for the lifting of crude or products or the use of Russian ports, as pressure mounts on the oil industry to cut ties with Russian energy supplies.

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BP will continue, however, to take delivery of its existing contractual obligations for Russian energy "subject to meeting sanctions, security, and shipping requirements and where it is safe to do so," a spokesperson for the company said.

He said that BP would not charter Russian-owned, operated or flagged vessels "where possible."

The move comes as the UK's government is scheduled to make a statement on reducing its dependence on Russian energy.

BP's statement also came hours after rival energy major Shell said it was also stopping all spot purchases of Russian crude oil with immediate effect and would end all involvement in Russian hydrocarbons including crude, refined products, gas and LNG in response to the invasion of Ukraine.

BP announced on Feb. 27 that it will sell its nearly 20% ownership in Russian state-owned energy giant Rosneft in response to Russia's invasion of Ukraine.

TotalEnergies CEO Patrick Pouyanne on March 7 said the company's traders have not taken any more oil from Russia since the beginning of the Ukraine crisis.