The oil giant said the move would result in accounting charges of up to $25bn but its statement on Sunday omitted to say how exactly it would dispose of its multi-billion pound stake in Rosneft.
On Sunday, Mr Looney and predecessor Bob Dudley quit Rosneft's board with immediate effect.
Meanwhile, energy group Equinor - which is majority-owned by the Norewgian state - said on Monday it will start the process of divesting from its joint ventures in Russia after the invasion of Ukraine. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said:"The decision to exit the Rosneft stake will be an eye wateringly expensive one for BP, but the shocked board clearly felt they had no option but to pay the high price and distance the business from Russia's aggression.