Oil giant BP has reported a rise in second quarter profits boosted by increased production, according to BBC News.

Replacement cost profits, which strip out volatility in oil prices, were $3.2bn, up from $2.4bn in the same period last year.

BP said that sanctions imposed over the Ukraine crisis have not affected business so far. However, the oil giant warned that further sanctions could affect its activity.

BP has around a 20% stake in Russian energy giant Rosneft.

"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," BP said.

European ministers will meet in Brussels on Tuesday to discuss whether to impose further sanctions on Russia over allegations of its involvement in the ongoing crisis in Ukraine.

Bolstered European sanctions could affect the Russian oil sector.