RNFTF - BP sinks 6% weighed by worries over potential for Russia sanctions

BP (BP -6.6%) plunges to its lowest level in more than a month even as crude oil prices touch $100/bbl, as Russia's invasion of Ukraine sparked a selloff in perceived risky assets. BP is more vulnerable than Big Oil peers to potential sanctions, as it has been engaged in Russia for more than 30 years and is the largest foreign investor in the country through its 19.75% stake in national oil company Rosneft (OTCPK:RNFTF -47%). CEO Bernard Looney said last week that Russia's massing of troops on Ukraine's border would have no effect on its operations there, and his company was "sticking with the business of business, and let's see what will happen in the days, weeks and months ahead" regarding potential sanctions. Energy stocks have turned broadly lower after starting the session in positive territory, joining most of the market as part of the risk-off move, as well as

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BP sinks 6%, weighed by worries over potential for Russia sanctions