LONDON, April 10 (Reuters) - BP will use its presencein Russia to help enhance relations between Moscow and the West,Chief Executive Bob Dudley said on Thursday as he restated hiscompany's commitment to the country.
Russia and the West are in a stand-off over Ukraine that isreminiscent of the Cold War. In the last few days, tensions haverisen in the mainly Russian-speaking eastern part of Ukraine.
Britain's BP is the most exposed to Russia of the oil majorsthrough its stake of just under 20 percent in the Kremlin'sstate oil champion Rosneft.
"We will seek to pursue our business activities mindful thatthe mutual dependency between Russia as an energy supplier andEurope as an energy consumer has been an important source ofsecurity and engagement for both parties for many decades,"Dudley said at the company's annual shareholders' meeting.
"That has got to continue and I think we play an importantrole as a bridge."
The United States and European Union have imposed visa bansand asset freezes against Russian and Ukrainian individuals inresponse to Moscow's annexation of Crimea.
They have said they are willing, if necessary, to levy afurther round of sanctions aimed at key sectors of the Russianeconomy such as energy, banking and mining.
Russia is responsible for over a quarter of BP's oil outputworldwide and more than a third of its oil and gas reserves.
BP's chief executive said last month the company"absolutely" stands by its investments in the country.
Dudley, a U.S. citizen, had strained relations with Russianofficials during his time as an oil executive in Moscow.
He was forced to flee the country, saying he feared for hissecurity during a 2008 dispute between BP and a group of Russianoligarchs over corporate governance at TNK-BP, where he was then chief executive.
TNK-BP was ultimately sold to Rosneft for $55 billion lastyear, giving BP a stake in Rosneft. (Reporting by Dmitry Zhdannikov; Editing by Pravin Char)