As a result of President Vladimir Putin’s invasion of Ukraine, three of the world’s largest oilfield service providers have suspended future work in Russia, announcing their decisions separately and within 24 hours of each other.
A statement from Baker Hughes on Saturday said the company will suspend new investments in Russia operations but may continue existing projects there.
“The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution. We condemn violence and our hearts go out to the people and families of those impacted,” Baker Hughes chief executive Lorenzo Simonelli said in the statement.
Schlumberger made a similar statement on Friday, when it cut any new investment in one of the biggest oil-producing nations while leaving existing projects intact.
In a country like Russia that depends heavily on foreign technology, equipment and expertise to sustain domestic output of the Kremlin’s main revenue source, Halliburton, the world’s largest fracking company, has halted current and future work in Russia.