UK Gas Giant Parts Ways With Russia in a Blitz‑Like Move
Britain’s biggest gas supplier, Centrica—the parent of British Gas—just decided to pull the plug on its contracts with Russian giant Gazprom. It’s a swift exit, and they’re making sure it’s all legal and compliant with the sanctions folks in Washington, Brussels, and Moscow have laid out.
What the Executive said
- “We’re working through the details of how best to do this, and we’ll also make sure we’re totally compliant with all relevant sanctions.” – Chris O’Shea, Centrica CEO.
Impact on the Market
Stock watchers were quick to notice a 6 % dip in BP shares on Monday, right after the oil house announced it’d dump its 20% stake in Russian‑owned Rosneft. The company concluded it simply can’t stay on board the Kremlin’s oil ship.
BP’s Big Move
- Potential losses of up to $25 billion as BP exits.
- Chief Exec Bernard Looney and former boss Bob Dudley stepped down from Rosneft’s board immediately.
In short, the biggest gas player in the UK has decided to uninstall its Russian connections faster than you can say “gas full‑speed ahead.” Their next steps? Following due process, staying on the right side of sanctions law, and letting the market breathe a sigh of relief.
