The UK-listed oil group said in a statement on Sunday that it would no longer report reserves, production or profit from Rosneft, and its chief executive, Bernard Looney, would be resigning from the Rosneft board “with immediate effect”.

The other BP-nominated director, Bob Dudley, BP’s former chief executive, would also be stepping down from the board, the oil major said.

BP’s chair, Helge Lund, described Russia’s invasion of Ukraine as an “act of aggression which is having tragic consequences across the region”.

He said BP had operated in Russia for more than 30 years, “working with brilliant Russian colleagues”.

“However, this military action represents a fundamental change,” he added. The board had concluded that the company’s involvement with Rosneft “simply cannot continue”, Lund said.

Lund said the Rosneft holding was “no longer aligned with BP’s business and strategy”. Exiting the 20% stake was, he said, “in the best long-term interests of all our shareholders”.

BP said the changes in the accounting treatment of the Rosneft stake would lead to a “material noncash charge”, though BP’s “financial frame and distribution guidance remains unchanged”.