BP has held a 19.75 percent stake in Rosneft since 2013 and company said that its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately resign from Rosneft's board.

In response to Russia invading Ukraine, the US and the European Union (EU) have imposed a slew of economic sanctions on Russia with a view to cripple its economy, banking institutions and its access to technology. To understand how this could impact India, CNBC-TV18 spoke to Venkat Nageswar Chalasani, Former Deputy Managing Director & GE, IBG, State Bank of India, and Prof Rakesh Mohan Joshi, Dean, Indian Institute of Foreign Trade.

Russia’s invasion of Ukraine and subsequent sanctions have spelt chaos for markets, commodities and supply chains globally. While the crisis will hit India hard, it could also boost exports from the country. At present, India's central pool of wheat stands at 24.2 million tonnes, which is twice more than buffer and strategic needs.

The US and other western countries are mulling throwing Russia out of the global financial transactions system, SWIFT. Founded in 1973 to end reliance on the telex system, SWIFT is an important facilitator of international banking.