The firm's chief executive Bernard Looney is also resigning from Rosneft's board along with its other Rosneft director, Bob Dudley, it said in a statement.

The statement said Russia's invasion of Ukraine "caused us to fundamentally rethink BP's position with Rosneft".

Follow live updates: Ukraine says '4,300 Russian troops have been killed or injured'

BP chairman Helge Lund said: "Russia's attack on Ukraine is an act of aggression which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change.

"It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support BP representatives holding a role on the Rosneft board.

"The Rosneft holding is no longer aligned with BP's business and strategy and it is now the board's decision to exit BP's shareholding in Rosneft. The BP board believes these decisions are in the best long-term interests of all our shareholders."

Key developments in the Ukraine crisis:

• Putin orders nuclear deterrent forces to be put on high alert
• Zelenskyy: Ukraine and Russia to hold talks at Belarus border
• Ukraine claims control of key city Kharkiv after fierce clashes
• Foreign secretary warns conflict could last 'years'
• BP to offload its stake in state-owned Russian oil giant Rosneft

BP's stake is worth $14bn (£10.4bn).

The move comes after the firm was pressured by the UK government over its ties with Rosneft.

Business Secretary Kwasi Kwarteng held a conference call with Mr Looney for around 20 minutes on Friday to discuss the company's position.

Mr Kwarteng said: "I welcome BP's decision to exit its shareholding in Rosneft oil company.

"Russia's unprovoked invasion of Ukraine must be a wake-up call for British businesses with commercial interests in Putin's Russia."

Rosneft is also part-owned by the Russian government. BP has held a 19.75% stake in the firm since 2013.