World4 major oil and gas service companies suspend new investments in Russia

4 major oil and gas service companies suspend new investments in Russia


Weatherford International is the latest company to prepare to suspend operations in Russia: “In accordance with the embargoes effective February 24, 2022, we are suspending our shipping and immediately suspending new investment or development activities. new technology in Russia”.

In addition, Weatherford International said there are currently no active joint ventures or partnerships in Russia. Weatherford International confirms it will comply with the new sanctions and continue to fulfill its remaining contractual obligations in accordance with international law and sanctions.

On March 19, two American companies, Halliburton and Schlumberger, also announced that they had stopped operating in Russia.

Halliburton immediately ceased all future business and ceased operations in Russia. Halliburton has also terminated shipping for embargoed products.

Schlumberger stopped implementing new technology and investments, but continued to operate in accordance with international law.

n

Meanwhile, Baker Hughes announced a similar move because of the need to comply with US sanctions on Russia.

The United States, European Union (EU) countries and many other countries such as Japan and Canada have imposed unprecedented heavy sanctions on Russia and its major organizations to punish military activity. the Kremlin’s speciality in Ukraine.

Many global companies have also stopped operating in Russia in response. The Kremlin views this as an economic war against Russia, and insists sanctions will not change Russia’s course.

Russia stubbornly said it would not ask the West to lift sanctions

.