SLB, the global leader in oil services and equipment, announced on Friday that it is suspending all product and technology deliveries to Russia from all its businesses in response to the broadening of Western sanctions.
Despite Russia’s invasion of Ukraine, SLB remained one of the handful of companies still operating in Russia’s oil sector.
Since 2022, there have been certain restrictions in place, but the recent prohibition extends to additional countries. This decision was made in light of the ongoing intensification of international sanctions, as stated by the company.
SLB, previously known as Schlumberger, announced that the ban on Russia now extends to all its global operations, not just those in the UK, US, EU, and Canada.
“SLB is deeply committed to complying with export control and economic sanction laws, and we stand united with the international community in denouncing and urging an end to the conflict in Ukraine,” stated the company.
The firm, which is based in Curacao, recently had approximately 9,600 employees serving top-tier Russian oil and gas firms like Gazprom Neft and Rosneft. These operations made up around 5% of the company’s annual revenue, which is roughly $28 billion.
Earlier in the year, SLB adjusted its operations, as reported by Reuters, in order to adhere to Western sanctions regarding the transfer of oil equipment and technology. The adjustments incorporated restrictions on Russian employees from accessing specific software and communication systems and isolating the unit from other operations.
The company, which holds offices in Paris, Houston, London, and The Hague, faced criticism from both human rights organizations and its own employees for its decision to maintain its presence in Russia.
Following the invasion of Ukraine in February 2022, SLB’s American oilfield competitors, Halliburton and Baker Hughes, either sold off or announced plans to sell their Russian operations.
