Western firms leave Russia

Companies from the West have pulled out of Russia. IT TOOK MORE than 30 years for BP, a British power agency, to construct its Russian enterprise. It took lower than 4 days to resolve to dismantle it. As Vladimir Putin’s forces invaded Ukraine early on February twenty fourth, the logic of BP’s 20% stake in Rosneft, Russia’s state-owned oil large, started to break down. BP’s board met to debate the matter on February twenty fifth; later that day Britain’s enterprise secretary, Kwasi Kwarteng, expressed the federal government’s issues to Bernard Looney, BP’s boss. By February twenty seventh the board was able to make its resolution public: BP would promote its stake in Rosneft. Mr Looney has resigned from Rosneft’s board (as has his predecessor, Bob Dudley). The corporate might face a write-down of as much as $25bn.