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BP warns that further Russia sanctions could hit profits because of stake in Rosneft

FILE - In this file photo taken on Tuesday, July 2, 2013, Russian President Vladimir Putin, left, and CEO of state-controlled Russian oil company Rosneft Igor Sechin speak during a signing ceremony of cooperation agreements with Venezuelan President Nicolas Maduro in the Kremlin in Moscow, Russia. Having for months dismissed Western sanctions on Russia as toothless, business leaders here are now afraid that the crash of the Malaysian jetliner will bring about an international isolation that will cause serious and lasting economic damage. The U.S. and EU are still playing something similar to “good cop, bad cop” with Russia, said Chris Weafer of the Moscow-based Macro-Advisory, but it remains to be seen whether the Malaysian plane crash will be a game changer for Russia’s economy. (AP Photo/Maxim Shemetov, Pool, File)

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FILE - In this file photo taken on Tuesday, July 2, 2013, Russian President Vladimir Putin, left, and CEO of state-controlled Russian oil company Rosneft Igor Sechin speak during a signing ceremony of cooperation agreements with Venezuelan President Nicolas Maduro in the Kremlin in Moscow, Russia. Having for months dismissed Western sanctions on Russia as toothless, business leaders here are now afraid that the crash of the Malaysian jetliner will bring about an international isolation that will cause serious and lasting economic damage. The U.S. and EU are still playing something similar to “good cop, bad cop” with Russia, said Chris Weafer of the Moscow-based Macro-Advisory, but it remains to be seen whether the Malaysian plane crash will be a game changer for Russia’s economy. (AP Photo/Maxim Shemetov, Pool, File)

LONDON - Energy company BP has warned that further international sanctions on Russia could have an adverse impact on its profits because of its stake in the oil giant, Rosneft.

The warning came as the company announced that replacement cost profit rose 33 per cent to $3.18 billion from $2.40 billion for the same quarter a year ago.

The company says any erosion of its relationship with Rosneft — in which it holds a 19.75 per cent stake — could also adversely impact production, reserves, "and our reputation."

BP is already in a sticky situation because of sanctions targeting Igor Sechin, Rosneft's president. Sechin is seen as the mastermind behind the 2003 legal assault on the private oil company Yukos.

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