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BP says new sanctions on Russia appear to target access to markets

Jul. 17, 2014 7:48 AM ETBP p.l.c. (BP) StockBP, RNFTFBy: Carl Surran, SA News Editor2 Comments
  • BP downplays any ill effects it may suffer from the latest sanctions on Russia, but shares are -2.1% premarket.
  • BP says on first impression, the sanctions appear to focus on restricting access of sanctioned entities to U.S. medium and long-term debt and equity capital markets.
  • BP has a stake of just under 20% in Russia's state-controlled oil major Rosneft (OTCPK:RNFTF), generates 25% of its oil output from Russian oil fields, and is one of the biggest buyers of Russian oil.

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