BP PLC (LSE:BP.) said it will continue buying Russian oil and gas under the terms of its existing contracts.
According to the Telegraph, any existing contracts will be honoured, although it will not be making any new deals for energy supplies.
A spokesperson for the FTSE 100 company said that the only exception would be if the security of energy supply for its customers were threatened.
The company had announced two weeks ago that it will be exiting its 19.75% share in Russian energy company Rosneft (LSE:ROSN) following Russia’s invasion of Ukraine.
Shell PLC (LSE:SHEL, NYSE:SHEL) also announced today that it will no longer be purchasing Russian oil following the heavy backlash it received over its discounted purchase over the weekend.