* Dudley says Russia, West too dependent to abandoncooperation
* Svanberg says BP talking to politicians around the world
* Shareholders question executives over large Russianexposure (Adds quotes from shareholders' meeting)
By Dmitry Zhdannikov and Karolin Schaps
LONDON, April 10 (Reuters) - BP can help enhancerelations between Russia and the West and is talking topoliticians across the world, its executives said on Thursday asthey sought to calm shareholders' concerns over the oil major'slarge exposure to Russia.
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 one of the most exposed oil majors to Russiathrough its stake of just under 20 percent in the Kremlin'sstate oil champion Rosneft, the world's largest listedoil producer by output volumes.
"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,"Chief Executive Bob Dudley said.
"That has got to continue and I think we play an importantrole as a bridge," he told the annual shareholders' meeting.
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.
On Thursday, questions about Russia dominated theshareholders' meeting overshadowing other usually topical issuessuch as executives' pay or the ongoing settlement withbusinesses and individuals suing over the massive 2010 Gulf ofMexico oil spill.
Two shareholders asked Dudley what he would do if RussianPresident Vladimir Putin decided "to annex BP's position inRosneft". Another asked why BP was investing in Russia and whatit was telling about its investments to the UK foreign office.
Mike Everett, governance director at Standard LifeInvestments, which holds over 253 million shares in BP on behalfof its clients, sought clarifications on BP's statements that itmaintains "significant influence" over operations at Rosneft.
"Other than Mr Dudley's position on the Board of Rosneftcould you give some concrete examples of the 'significantinfluence' you have over its operations?" said Everett.
TALKING TO POLITICAL LEADERS
Dudley said BP was having discussions with Rosneft aboutstaffing and engineering.
"None of us know what can happen in Ukraine," he said whileadding Europe and Russia were so interdependent on energysupplies that "neither side can just turn this off".
Russia provides over a quarter of BP's oil output worldwideand more than a third of its oil and gas reserves.
Dudley said last month the company "absolutely" stands byits investments in the country.
BP's chairman Carl-Henric Svanberg said investors should notover-estimate BP's exposure to Russia as the firm has comparableinvestments of $15 billion in Azerbaijan and Angola and all ofthose are dwarfed by investments in the United States.
He also said he saw no risk of asset expropriation: "Ideasof expropriation will hit them (Russia) dramatically. I can'tsee why that should happen".
"We are in close contacts with political leaders indifferent parts of the world, and of course here in the UK,"said Svanberg.
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 thenchief executive.
TNK-BP was ultimately sold to Rosneft for $55 billion lastyear, giving BP a stake in Rosneft. (Writing by Dmitry Zhdannikov; Editing by Elaine Hardcastle)
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