Oil and Gas “SLB” Leaves the Russian Market

by Meifan Honcharuk
Friday, July 21, 2023
Oil and Gas “SLB” Leaves the Russian Market

The American company stops financing and providing technologies to the Russian branch

Since the beginning of Russia's full-scale invasion of Ukraine, the American oil and gas company SLB (formerly Schlumberger) has not ceased cooperation with Russia's Gazprom, Rosneft and Lukoil. As required by the sanctions, SLB has stopped exporting products and technologies to Russia from its offices in the USA, the UK, European Union and Canada but hasn't stopped exports from other countries. SLB factories and service centres continued to operate in Russia with thousands of employed Russians, and this cooperation brought Russia more than $4.5 billion in tax payments.

Ukraine's National corruption prevention agency has added SLB to the list of companies sponsoring the war. It is not known whether as a result of this or not, but the SLB announced an undertaking "voluntary measures to curtail its Russian activity and announced that it would make no new investments in Russia and would not deploy new technology used in its services business."

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