BP says additional sanctions could hurt profit

BP warned more sanctions from the U.S. and European Union (EU) on Russia would hurt business profits.

The oil giant is the single-biggest foreign investor in Russia, 20 percent of that is at stake in Russia’s state-controlled oil company Rosneft.

{mosads}”Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation,” BP said in an earnings statement, Bloomberg News reports.

The U.S. and EU may announce as early as Tuesday new rounds of sanctions on key sectors of Russia’s economy, including energy.

To date BP said that the current sanctions have not had a “metrical adverse impact” on the company.