BP confirmed its commitment to Russia after signing a shale oil deal with state-owned oil company Rosneft, despite US government sanctions against Moscow and the company’s chief executive.
The contract was one of a string of deals signed in a ceremony at the finale of the now-controversial St Petersburg International Economic Forum by Rosneft boss Igor Sechin – as president Vladimir Putin looked on with a smile.
Mr Sechin, sanctioned by the US last month as a member of Mr Putin’s “inner circle”, laughed off the impact of the move, saying sanctions “don’t seem so threatening any more”.
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