West tightens noose on Russia's energy sector as geopolitical crisis deepens
Ian Bond, from the Centre for European Reform, said: “Exxon and BP need to think very carefully about the extent of their exposure in Russia.”
The situation is most delicate for BP, which owns almost 20pc of Rosneft’s shares as a legacy from the TNK-BP venture. The company said it is studying the latest sanctions carefully.
Mr Bond said China is unlikely to rescue the Kremlin as the West pulls back. “They drove a very hard bargain on the gas pipeline deal [with Gazprom] and they are not going to roll over Russian debt at low interest rates out of friendship for Putin,” he said.
...“Any country that relies 100pc on Russia for its gas should be preparing a Plan B,” said Mr Bond.