In July 2008, BP was embroiled in a dispute with the Russian shareholders of its TNK-BP joint venture. The Russian shareholders, a group led by billionaires Mikhail Fridman, Viktor Vekselberg, and Len Blavatnik, were demanding the removal of TNK-BP Chief Executive Robert Dudley. The Russian shareholders maintained that BP was not adequately controlling costs and was blocking efforts to expand TNK-BP outside of Russia because that would compete with BP's own operations They also claimed that BP was employing too many highly paid expatriates in Russia. BP's response was that the venture's main area of operation was always meant to be Russia and Ukraine. According to Dudley: "The company's corporate governance is being tested and the fate of the company is a bellwether for Russia's progress in improving the way its companies are run five years, one of my roles has been trying to balance all the issues of shareholders. And I think the ability to keep this balance is important, and I will try to keep that balance In comments made to the French newspaper Le Monde, Russian Prime Minister Vladimir Putin said that he had warned both sides that the 50-50 structure would be problematic: "You shouldn't this work do it out between yourselves so someone has a controlling stake...There needs to be a boss You see the result: There's always friction over who's in charge With events escalating, Robert Dudley and BP senior management were faced with a challenging situation Losing its stake in TNK-BP would have serious financial implications for BP. BP for accounted nearly one-quarter of BP's oil production, and close to one-fifth of its reserves. How the situation was resolved would have a lasting impact on BP and its presence in Russia. The resolution would also impact Russia's overall reputation for attracting and supporting foreign investment.