Oil giant BP currently owns 19.95 percent of Rosneft, but that will be the end of it. In a press release on Sunday evening, the company announced that it would be leaving Russia.

BP chairman Helge Lund said in a statement that Russia’s attack on Ukraine was an “aggressive act” that had tragic consequences.

– BP has been operating in Russia for more than 30 years, and has worked well with Russian counterparts. However, this military action represents a fundamental change. This led BP’s board to conclude that our involvement in state-owned Rosneft was unsustainable, Lund said.

The company emphasizes that it will incur losses in connection with the situation. A company spokesman stated that the write-down could reach 25 billion dollars, the equivalent of 223.5 billion kroner, according to Bloomberg.

– Must be an awakening

BP chief executive Bernard Looney, along with Bob Dudley, have represented British oil companies on Rosneft’s board. As a direct consequence that they could no longer sit on the company’s board, BP would leave ownership.

– We can no longer support BP representatives to play a role on Rosneft’s board, said Lund.

He also explained that ownership in Rosneft was not in line with the company’s strategy, and that is why the board decided to withdraw.

UK Trade Minister Kwasi Kwarteng wrote Indonesia that he welcomes the decision.

Russia’s unprovoked invasion of Ukraine should be a wake-up call for British companies with commercial activities in Putin’s Russia, Kwarteng wrote.

– In the best interest of BP

Looney, who is now leaving Rosneft’s board, said he, like everyone else, was shocked and saddened by the situation in Ukraine, and the situation forced them to make a new assessment.

– I believe that the decisions we make as a board are not only the right thing to do, but also in the long term in BP’s best interest. Our immediate priority is to keep our people in the region and we will do what we can to support them, said Looney, who also said they were considering ways to help humanity.