Two years ago, BP Plc said international sanctions against Russia could hurt its business there. Didn’t happen. Instead, London-based BP has found a haven in Russia, buttressed by a falling ruble, lower taxes and the lowest operating costs among the world’s biggest oil companies. BP earned 22 percent of adjusted pretax profit from its share in Moscow-based OAO Rosneft last year, the most since it acquired a 19.75 percent stake in the Russian oil giant in 2013. “There’s a lot of oil, and as long as the majors can extract it efficiently, Russia can be a hedge against price downturns,” said Ildar Davletshin, a London-based analyst at Renaissance Capital. “Lower oil means lower taxes in Russia and the weak ruble helps reduce costs. That’s […]