One of the world’s largest oil service companies, SLB (formerly Schlumberger), halts all product and technology shipments to Russia after new Western sanctions were imposed following the invasion of Russia. Ukraine by the country, writes Reuters.
In accordance with the sanctions
SLB, which is the world’s largest supplier of petroleum services and equipment, was one of the few suppliers to continue deliveries to Russia after the invasion, but that has now ended. Because after the invasion last year, they only delivered to Russia products that weren’t from the US, UK, EU and Canada, but now the Oil services giant says the ban will apply to all of SLB’s business globally.
“In March 2022, SLB took voluntary measures to limit its activity in Russia and announced that it would not make new investments in Russia or adopt new technologies used in its service activities. Since then, the company has continued to use significant resources to ensure it meets and exceeds various international laws,” the company wrote in a press release.
They add that the society will continue to align itself with the international community “to condemn and call for an end to the war in Ukraine”.
Made good use of the sanctions
According to Reuters, SLB had as many as 9,600 employees who worked for Russian companies and contributed about 5% of the company’s annual revenue of nearly $28 billion before the invasion.
SLB also announced earlier this year that it had made changes to its operations to adapt to new Western sanctions against petroleum equipment and technology transfers, including preventing employees in Russia from accessing certain software and messaging systems.
Following the decision to stay in Russia, unlike their rivals Baker Hughes and Halliburton, they were criticized by both human rights groups and employees, but in return enjoyed their stay well. A presentation seen by Reuters earlier this year showed, according to the news agency, that the company expects record results for its Russian “reservoir performance” division in the fourth quarter. Much of the profit came from service and equipment contracts that were clawed back after competitors pulled out of the country.
