Major Russian asset being sold off as it all unravels for Putin
British oil company BP is reportedly selling off its 20% stake in Russian oil company Rosneft. This is the kind of massive financial move that can’t realistically be undone once it’s done. It’s not a simple move to sell off a double digit percentage stake in a major international company, and then just buy it back later once political tensions die down.
Notably, the Russian Government itself indirectly owns 50% of Rosneft. So any financial hardship that Rosneft suffers as a result of the BP sale will end up hitting Putin and his oligarchs in the wallet – and this comes at a time when they’re increasingly cut off from their own money.
In other words, the Russian oligarchs are about to start losing the kind of money they won’t ever get back, unless they oust Putin within days. This doesn’t necessarily mean they’ll make a move. But it forces them to at least think about it. Earlier today two Russian oligarchs publicly called for Russia’s Ukraine debacle to be over with. They’re clearly feeling the heat.
