Halliburton, Schlumberger draw back from Russia amid U.S. energy sanctions

Halliburton’s booth is observed at the Earth Petroleum Congress, in Houston, Texas, U.S. December 6, 2021. REUTERS/Sabrina Valle

March 18 (Reuters) – U.S. oilfield products and services businesses Halliburton Co (HAL.N)and Schlumberger stated on Friday they havesuspended or halted Russia operations in response to U.S. sanctions over Moscow’s invasion of Ukraine.

The disclosures followed widespread departures by energy, retail and buyer products enterprises and a series of European Union and U.S. bans on offering oil technological know-how to Russia or importing its vitality products.

Halliburton stated it quickly suspended upcoming small business and would wind down its functions in Russia following earlier ending shipments of sanctioned sections and merchandise to the country.

Schlumberger has ceased new investment decision and know-how deployment when continuing with present action in compliance with intercontinental legislation and sanctions, the enterprise mentioned in a assertion late on Friday.

“We urge a cessation of the conflict and a restoration of safety and safety in the area,” Schlumberger Main Executive Olivier Le Peuch stated.

Oilfield services supplier Baker Hughes declined to remark on its Russia operations. ​

Vitality firms BP PLC , Shell , Equinor ASA (EQNR.OL)and Exxon Mobil have suspended business or declared plans to exit their Russia functions.

Russia, which phone calls its invasion of Ukraine a “particular armed forces operation”, is among the world’s major oil and fuel producers and exports 7 million to 8 million barrels per working day of crude and oil items.

Its power operations depend mostly on dwelling-developed support vendors.

Reporting by Chavi Mehta in Bengaluru, added reporting by Gary McWilliams and Liz Hampton Modifying by Arun Koyyur

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