BP has strong second quarter, but worries over Russia

British energy company BP said Tuesday its second quarter profits soared, but any additional sanctions could impact "strategic objectives in Russia."

BP reported second quarter replacement cost profits, a measure that eliminates oil price volatility, at $3.2 billion, up 34 percent from the same period in 2013.

BP Chief Executive Bob Dudley said in a statement cash flow during the second quarter was "robust."

The company attributed its strong second quarter to upstream operations in the Gulf of Mexico and overhauls at its refinery in Whiting, Indiana.

Elsewhere, the company said sanctions on the Russian energy sector, particularly oil company Rosneft, could impact business operations in Russia.

"Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," the company said in its statement.

BP owns a 19.75 percent stake in Rosneft. Rosneft, Russian independent gas producer Novatek and the financial arm of Russian natural gas company Gazprom were included on the list of sanctioned entities by the U.S. government in mid-July.

Rosneft Chief Executive Officer Igor Sechin was sanctioned by the U.S. government earlier this year.