As the EU prepared to impose far-reaching sanctions on Russia on Tuesday, BP became the first big multinational to warn of the potential scale of the damage to its business in the country. The UK oil major, which owns nearly 20 per cent of Rosneft , the Russian oil group that is majority held by the Russian government, said that its increasing profits in Russia could be hit by the growing push for tighter sanctions. Rosneft is already on the US blacklist, but until now has not been covered by restrictions introduced by the EU. More On this story On this topic IN Europe “If further international sanctions are imposed on Rosneft or new sanctions are imposed on Russia or other Russian individuals or entities, this could have a material adverse impact on our relationship with and investment in Rosneft, our business and strategic objectives in Russia and our […]