Oil giant BP will offload its 19.75% shareholding in Russian state-owned oil firm, Rosneft, according to a statement from the company.
"The bp board today announced that BP will exit its shareholding in Rosneft. Bp has held a 19.75% shareholding in Rosneft since 2013," the statement published on Sunday said.
Chief Executive Officer Bernard Looney will also resign immediately from Rosneft's board, according to the statement.
The British company had faced calls from the UK government to offload its ownership stake following Russia's invasion of Ukraine.
Looney said he “like so many" others was "deeply shocked and saddened by the situation unfolding in Ukraine," which prompted the company "to fundamentally rethink bp’s position with Rosneft."
"I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp," the CEO added.
BP chair Helge Lund added that "the Rosneft holding is no longer aligned with bp’s business and strategy."