Sanctions against Russia may jeopardize the world's largest oil companies.

The sanctions against Russia may hit the world's largest oil companies, The Wall Street Journal writes.

According to the newspaper in Q2 2014, BP reported an increase in profit mainly due to the ownership of a near 20% stake in OAO "Rosneft".

In the same report BP warned the investors about the potential consequences of the sanctions against Russia. These sanctions "could have a material adverse effect on our relationship and investment in "Rosneft", our business and strategic goals in Russia and on our financial condition and the results of our operations", the company statement informed.

BP has an agreement with "Rosneft" on the joint exploration of the shale gas. In 2011 "Rosneft" also entered into an agreement with Exxon Mobil for the exploration of the Arctic and shale deposits in Western Siberia. Currently the Exxon oil platform is located in the Kara Sea and is part of the exploration work, which can cost about $ 450 million, the analysts from Citi Research state. Exxon and "Rosneft" planned to start drilling in August 2014.