BP has agreed to pay $5bn into the compensation fund this year, followed by quarterly payments of $1.25bn until the total $20bn is paid.
The company has also said it will be selling about $10bn worth of "non-core" assets to raise cash, and has cancelled dividend payments this year.
Moody's rating agency also downgraded BP's credit rating by three notches.
Russian President Dmitry Medvedev has questioned the future of BP
"What I know is that BP will have to pay a lot of money this year," he said.
There has been a great deal of speculation about what assets it might sell.
In Russia, BP holds a 50% stake in TNK-BP - a joint venture with AAR, which is owned by a group of Russian billionaires.
According to analysts at Moscow investment bank Troika Dialog, BP's stake in TNK-BP is worth about $16-$18bn.
However, analysts said that BP may have to take a hit on the price if it is forced to sell.
"If BP decides to sell its [stake in TNK], it will have to do so with a discount to find a buyer faster," Viktor Mishnyakov, energy expert from Uralsib, told the BBC Russian Service.
BP also owns about 1% of the Russian state-run company Rosneft, which is worth another $900m. Rumours about a possible sell-off caused Rosneft's share price to fall by 6% on Thursday.
Standard Chartered warned last week that the total cost to the company, including legal costs, could top $40bn.
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