London —
BP chief executive Bob Dudley warned Wednesday that any escalation of sanctions to target Russia’s major oil and gas companies would shut down Europe’s energy systems.

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Speaking at the Oil & Money conference in London, Dudley was asked about any replication of sanctions of the type imposed on metals giant Rusal.

“If sanctions were put on Rosneft or Lukoil or Gazprom, like what happened to Rusal, you would virtually shut down the energy systems of Europe,” Dudley said.

Dudley noted he is on the board of Rosneft, reflecting BP’s stake in the Russian state-controlled oil giant, and stressed BP abided by international sanctions on Russia, and that he discussed the two companies’ relationship with US government officials.

Sanctions have targeted Rosneft CEO Igor Sechin in a personal capacity.

–Nick Coleman, nick.coleman@spglobal.com

–Edited by Maurice Geller, maurice.geller@spglobal.com

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