Oil services company suspends new investment in Russia amid invasion

Oil services firm Baker Hughes said on Saturday the company would suspend new investment in its Russian operations amid the country’s invasion of Ukraine, following in the footsteps of competitors Halliburton and Schlumberger.

“The crisis in Ukraine is very worrying and we strongly support a diplomatic solution. We condemn the violence and our hearts go out to the individuals and families of those affected,” said Baker Hughes CEO and President Lorenzo Simonelli. said in a statement.

“The health and safety of our employees, customers, partners and their families always remains our top priority. We are constantly monitoring the situation and today’s announcement follows an internal decision made with our Board of Directors and communicated to our management team earlier this week. We remain committed to acting in full compliance.

The move follows similar announcements made Friday by rivals Halliburton and Schlumberger. Schlumberger noted it would suspend deployment of technology and new investments in its Russian operations.

Halliburton noted it would end future business with Russia to comply with sanctions and had already stopped shipping some parts to Russia that were affected by sanctions several weeks earlier.

Up to five percent of Baker Hughes’ total sales come from Russia, as do about two percent of Haliburton’s, according to Forbes.

The development comes as a number of companies have suspended or halted business with Russia as the ongoing conflict in Ukraine enters its fourth week. US sanctions against Russia include a ban on Russian imports of oil, natural gas and coal as well as sanctions against Nord Stream 2 AG, the parent company of the Nord Stream 2 gas pipeline.

Earlier this month, ExxonMobil said it would suspend future investments in Russia and phase out operations of an oil and gas project in the country.

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