BP's partners in Russian joint venture TNK-BP on Tuesday won an injunction halting the British oil giant's planned Arctic exploration partnership with Rosneft .

Following are reactions to the news:

ATIF LATIF, DIRECTOR OF TRADING, EQUITIES & DERIVATIVES,

GUARDIAN STOCKBROKERS, LONDON

The private hearing allowing the AAR injunction suggests that there is still much convincing to be done before the deal is allowed to progress. We highlighted a few days ago that there will be obstacles on the deal as the claims suggest that the deal is in breach of the TNK BP deal. BP now require AAR's approval before they enter any new ventures. This is significant as BP mentioned today that they were actively seeking new partnerships and refocus on significant opportunities in key oil and gas basins. This poses further concerns as they are somewhat hindered as until we have clarification on GoM liabilities they are unable to drill on existing fields. With all negotiations now ceased this contradicts Dudley's statement that relations are very good.

This is an important issue and one reason for this grievance may be that since this equity issuance BP has continued to underperform in comparison to Rosneft and BP will book a portion of Rosneft's dividends onto its P&L (we account this as circa 0.22 percent of BP's net income).

The market still needs convincing of this deal in terms of taxation and costs with Fiscal terms yet to be finalized with the Russian state.

With this setback we may see another suitor waiting by the sidelines to step in. Until we receive some more information we do see value in BP but suspect the shares will remain at a slight discount to FV at 5.95 pounds.

BOB DUDLEY, CHIEF EXECUTIVE, BP:

We just received some good news, I think. There was an arbitration hearing a few hours ago on TNK and the Rosneft transaction and the court has ruled that we should move to an expedited tribunal process to be resolved by February 25.

This is good, I think that this is something that will be resolved in a very reasonable business way, between BP and the Russian shareholders of TNK-BP. This is one more step forward.

CHRIS WEAFER, CHIEF STRATEGIST, URALSIB, MOSCOW:

We did expect the injunction to be granted, but we also think that the final resolution of this dispute will be reached between the Russian partners and the state, not in the courts. BP is desperate not to take sides -- they see this as a dispute between the Russian partners in TNK-BP and the Russian state in the form of Rosneft.

BP quite rightly takes the view that this is an effort by the Russian TNK-BP shareholders to get out of the cul-de-sac into which they've been put. They are being bypassed in terms of future growth and they want to prevent that.

The injunction application raised the stakes and made it clear that the Russian shareholders wanted a quick resolution.

That would either be a new deal for TNK-BP to participate in future growth with BP-Rosneft, or to create an exit route for the shareholders, who have significant other business interests.

They don't want to be saddled with high cash flows and no growth. So it's a new deal, or out.

JAWAID AFSAR, TRADER AT SECUREQUITY, SHEFFIELD

I don't think it will actually derail the share price because if you think about where BP has been, where it has come from, where it is going with the dividends, it's a very strong entity, let alone the joint venture.

If you are comparing where Shell is trading today as to where BP is ... BP is in a very strong position. If it does go ahead, it makes it an even stronger entity altogether.

VALERY NESTEROV, OIL ANALYST, TROIKA DIALOG, MOSCOW

I don't think the cooperation between Rosneft and BP will be stopped. The Arctic deal can wait, the process could be launched next year. And the share swap will happen if not this spring, then in the summer.

The court hearing created a predictable situation as the Russian shareholders would not come to court without a certain confidence. And in this sense, the decision was expected.

But the Russian shareholders are entering dangerous waters and they can pressure BP to only a certain extent. The last thing they want is to irritate Rosneft, which has the state and the government behind it.

It's a pity though that the second round of tension could not be avoided.

ATIF LATIF, DIRECTOR OF TRADING, EQUITIES & DERIVATIVES,

GUARDIAN STOCKBROKERS, LONDON

The private hearing allowing the AAR injunction suggests that there is still much convincing to be done before the deal is allowed to progress. We highlighted a few days ago that there will be obstacles on the deal as the claims suggest that the deal is in breach of the TNK BP deal.

BP now require AAR's approval before they enter any new ventures. This is significant as BP mentioned today that they were actively seeking new partnerships and refocus on significant opportunities in key oil and gas basins.

This poses further concerns as they are somewhat hindered as until we have clarification on Gulf of Mexico liabilities they are unable to drill on existing fields. With all negotiations now ceased this contradicts Dudley's statement that relations are very good.

This is an important issue and one reason for this grievance may be that since this equity issuance BP has continued to underperform in comparison to Rosneft and BP will book a portion of Rosneft's dividends onto its P&L (we account this as circa 0.22 percent of BP's net income). The market still needs convincing of this deal in terms of taxation and costs with fiscal terms yet to be finalized with the Russian state.

With this setback we may see another suitor waiting by the sidelines to step in. Until we receive some more information we do see value in BP but suspect the shares will remain at a slight discount to FV at 5.95 pounds.

(Compiled by London bureau; reporting by Moscow and London)