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20 Mar, 2022 14:57

All four oilfield services majors suspend new investments in Russia

Weatherford International, Halliburton, Schlumberger, and Baker Hughes are under threat of Western sanctions
All four oilfield services majors suspend new investments in Russia

Global oilfield servicing giants have revealed plans to halt new investments in Russia as they respond to US sanctions over the country’s military operation in Ukraine.

American-Irish Weatherford International has become the latest such company to bow to the quitting trend.

“Following the implementation of sanctions on February 24, 2022, we placed a hold on shipments and immediately suspended making any new investments or deploying new technology in Russia,” the company said in a statement, adding that it currently has no active joint ventures or partnerships in the country.

It says it will remain in compliance with the evolving sanctions landscape and continue to fulfill existing contractual obligations within applicable international laws and sanctions.

On Saturday, the American companies Halliburton and Schlumberger said they had suspended their Russia operations in response to US sanctions.

Halliburton said it had immediately halted all future business and would wind down its operations in the country, having already ended shipments of sanctioned parts and products.

Schlumberger said it had ceased new investment and technology deployment, but was continuing with its existing activity in compliance with international laws and sanctions.

Houston-based Baker Hughes has announced a similar move, citing the necessity to respond to US penalties against Russia over Ukraine.

For more stories on economy & finance visit RT's business section

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