British oil giant BP has posted a huge loss of more than 20 billion dollars for the January-to-March quarter following its decision to end operations in Russia.

BP said in its financial summary released on Tuesday that the loss attributable to its shareholders came in at 20.38 billion dollars for the period.

The company said losses related to its business with Russia amounted to 2.55 billion dollars in total. That's after BP reviewed the value of its shares in Russia's state-run oil company Rosneft.

Apart from such losses, BP reported its underlying replacement cost profit of 6.2 billion dollars following the surge in oil and gas prices.

In February, BP announced that it would exit its nearly 20 percent shareholding in Rosneft and quit all of its business with the company within Russia.