Britain’s largest gas supplier to cut their agreement with Russia’s Gazprom and will comply with ‘sanctions’

Britain’s largest gas supplier have announced that they are cut their gas supply agreements with Russian counterparts, Gazprom.

Centrica who owns  British Gas, said it would exit the agreements as a matter of urgency and they will comply with all “relevant sanctions” in place against Russia.

“We are working through the details of how best to do this, additionally we will ensure we are compliant with all relevant sanctions,” Chris O’Shea, its chief executive, said.

Shares in BP fell nearly 6% on Monday after the oil giant announced last night that it would offload its 20% stake in Russian-owned Rosneft.

It concluded that it “simply cannot continue” its involvement in the Kremlin’s oil company.

BP would take a financial hit of up to $25 billion in the process while Bernard Looney, BP’s chief executive, and his predecessor Bob Dudley both resigned from Rosneft’s board with immediate effect last night.