$BP Stock News and Forecast: Why is BP stock price collapsing on Monday?
UK government said to pressure BP into selling its stake.BP stock is falling sharply this morning following its Sunday announcement that it would dump its stake in Russian energy giant Rosneft. BP stock closed at $30.73 in New York on Friday, and already the shares are trading some 7% lower at $28.57 in Monday's premarket session. BP is Europe's second-largest energy company.
BP went on to say it will result in two material changes to results for the first quarter in 2022. "As a result of the resignations of BP’s nominated directors, BP has determined that it no longer meets the criteria set out under International Financial Reporting Standards for having “significant influence” over Rosneft. BP will therefore no longer equity account for its interest in Rosneft, treating it now as a financial asset measured at fair value.
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