HAL - Halliburton suspends future business in Russia

Halliburton (NYSE:HAL) says it has immediately suspended future business in Russia and is winding down remaining operations there. Halliburton previously had halted all shipments of specific sanctioned parts and products to Russia; the company says it has no active joint ventures there. The three biggest western oilfield services companies - Schlumberger, Halliburton and Baker Hughes - had not completely pulled out of the country. J.P. Morgan has estimated that Russia makes up as much as 8% of total sales for Schlumberger, while Halliburton gets as much as 2% of revenue from the country.

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Halliburton suspends future business in Russia