BP Temporarily Suspended From New Federal Contracts

The Environmental Protection Agency temporarily suspended the BP oil company from new federal contracts, grants and other covered transactions, citing the company's "lack of business integrity" and criminal proceedings stemming from the 2010 Deepwater Horizon disaster.

The action by the Environmental Protection Administration won't affect current contracts, but prevents BP and its affiliates from new government contracts "until the company can provide sufficient evidence to EPA demonstrating that it meets federal business standards," the agency said.

In London, BP said it had no immediate comment but expected to make a statement later Wednesday.

More