Crucial talks between BP and its Russian partners in TNK-BP, the Russian oil venture, broke down after the Russian billionaire shareholders demanded the removal of the venture’s BP-backed chief executive amid a stand-off for control of the company.

BP refused the Russian shareholders’ demand to remove Robert Dudley as chief executive during informal talks in Cyprus on Thursday between Tony Hayward, BP chief executive, and TNK-BP’s Russian shareholders Mikhail Fridman, Viktor Vekselberg and Len Blavatnik.