BP is abandoning its 19.75 percent stake in Russian oil giant Rosneft after Russia's military operation in Ukraine.

Photo taken on April 21, 2020 shows a view of a BP petrol station in Windsor, Britain. (Photo by Tim Ireland/Xinhua)

"I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP's position with Rosneft," BP Chief Executive Bernard Looney said on Sunday.

Rosneft accounts for around half of BP's oil and gas reserves and a third of its production and divesting the stake will result in charges of up to $25 billion, the British oil and gas giant said, without saying how it plans to extricate itself.

In a response to the announcement, Rosneft said BP's decision was made on "unprecedented political pressure" but said it remained open for some cooperation.