Russian banks have sold off stocks in a number of Russian oil companies as the West accuses them of laundering billions of dollars worth of illicit proceeds.
Banks are now selling off some stocks in Russian oil giant BP, state oil company Rosneft and state gas giant Gazprom in what they say is an effort to fend off sanctions over the oil price crisis.BP, RosneFT and Gazprom were among the 20 largest foreign oil companies to fall on Wednesday.
Rosneft’s shares dropped by nearly 6 percent after falling by more than 20 percent on Tuesday.
Roseneft shares have lost more than half their value in less than a year after falling more than 70 percent over the past year.
Gazprom shares fell almost 4 percent.
Banks in Russia have been selling stocks in some of the biggest oil companies, including BP, Rosseft and Gazeports.
Russia has also banned foreign firms from doing business with Russian entities, such as Gazprom, the country’s biggest oil company.
Russian oil giant Rosneaft has been a mainstay of the Russian economy for decades, but it has been hit hard by the oil and gas price collapse.
In October, the Russian government suspended the purchase of Rosneftegas’ shares.
The country’s oil and natural gas sector has been in recession since the collapse of the global financial system in 2008.
The sanctions have been criticised by many countries around the world, including the United States, and Russian President Vladimir Putin has repeatedly said he would continue to use sanctions to defend the country against Western attacks.