Sanctions haven’t stopped the largest oilfield services company from remaining in Russia – Financial Times

The world’s largest oilfield services company, SLB, does not plan to leave Russia. It intends to continue its operations in the country despite pressure from the West, the Ukrainian government, and human rights organizations.

This is reported by the Financial Times.

SLB ceased the implementation of new investments and technologies in Russia in March 2022. After the expansion of sanctions, the company stopped supplying products to the country but refused to wind down its activities, the publication notes.

SLB’s CEO, Olivier Le Peuch, told FT that his company is adhering to contractual obligations. It has also decided for now not to follow the example of its competitors Baker Hughes and Halliburton, which sold their Russian enterprises.

The number of SLB employees working in the country is approximately 9,000 people.

“We are protecting our assets, that’s our priority. We are protecting our people,” Le Peuch emphasized.

It is noteworthy that despite calls from some pro-Ukrainian experts, Western governments are avoiding tightening restrictions on the Russian oil and gas industry. They fear that this could lead to an increase in raw material prices and destabilize the global economy, FT points out.