LONDON, Dec 24 (Reuters) - Oil major BP Plc is closeto a deal with its Russian partner, state oil company Rosneft, for a new project that would expand its commitmentsin Russia despite Western sanctions, Kommersant business dailyreported on Wednesday.
The daily cited unnamed sources as saying BP will pay$700-$800 million to acquire 20 percent in Taas-Yuriakh, a fieldin East Siberia estimated to contain up to 1 billion barrels inreserves.
The deal would not breach any European or U.S. sanctions,which prohibit Western companies from providing long-termfinancing to Rosneft and many other Russian companies.
The sanctions, which also forbid providing technology forArctic, shale and deep water exploration, were imposed earlierthis year to punish Russia for the annexation of Crimea and itsincursion into East Ukraine.
BP has a stake of just under 20 percent in Rosneft.
Rosneft and BP declined to comment on the report.
BP faces a first and heavy loss from the stake due toplummeting oil prices and a crumbling rouble, potentiallyforcing it to write down the value of the once-prized asset. (Reporting by Dmitry Zhdannikov)