British Petroleum Warns Russian Sanctions Will Hurt Profits

July 29, 2014 Share Print 0

BP has warned that further sanctions against Russia could affect its business as it posted a rise in second quarter profits.

BP said that sanctions imposed over the Ukraine crisis have not affected the oil giant so far, but could do so in the future.

The warning came as European ministers were meeting to discuss bolstered measures against Russia.

Sanctions “could adversely impact our business”, BP said.

BP has around a 20% stake in Russian energy giant Rosneft.

“Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation,” BP said.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.