May 25, 2022

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Russia - Ukraine.  Halliburton and Schlumberger suspend operations in Russia

Russia – Ukraine. Halliburton and Schlumberger suspend operations in Russia

US oil companies Halliburton and Schlumberger said they have suspended or suspended operations in Russia in response to US sanctions related to Russia’s invasion of Ukraine, Reuters reported.

The agency added that these decisions came after many energy, retail and consumer goods companies in Russia suspended their activities, and after a series of European and American sanctions for supplying Russia with oil technology or importing its energy products.

Halliburton and Schlumberger suspend operations in Russia

Halliburton said it would immediately suspend future operations and cease operations in Russia upon completion of parts and product deliveries.

The company said in a statement that Schlumberger has stopped implementing new investments and technologies, but continues to operate in line with international regulations and sanctions.

“We call for an end to the conflict and the restoration of security in the region,” Olivier Le Bosch, CEO of Schlumberger, was quoted by Reuters news agency as saying.

Reuters reported that oilfield services provider Baker Hughes declined to comment on its operations in Russia.

energy companies BP PLC, Shell, Equinor ASA, Exxon Mobil It suspended operations or announced plans to exit Russia.

Russia, which its invasion of Ukraine calls a “special military operation,” is one of the world’s largest oil and gas producers, exporting between 7 and 8 million barrels of crude oil and petroleum products per day. Reuters reported that its energy business relies heavily on local service providers.

Companies operating in Russia

In a letter published on Friday, Ukrainian President Volodymyr Zelensky said that all Western companies should leave the Russian market and “not cover their desire for profit with cheap public relations.” Among these companies, Ukrainian President Auchan and the Swiss company NestlĂ© were mentioned.

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Ukrainian Foreign Minister Dmytro Kuleba on Monday also called on international companies – which have not yet taken such a decision – to close their operations in Russia. Among them, he just mentioned Auchan. He also stated that those companies that decided to stay in Russia should be boycotted.

The list of companies that have not decided to exit or limit their activities in Russia is updated daily by the Yale University team led by Jeffrey Sonnenfeld. On March 20, there were 30 companies on the list – In addition to Auchan, these were, among others, AstraZeneca, Asus, Bose, Credit Suisse, Decathlon, Emirates Airlines, Koch Industries, Leroy Merlin, Oriflame Cosmetics, Raiffeisen, Renault and Subway.

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