SLB - Oilfield services provider SLB stops all shipments to Russia

2023-07-14 23:21:04 ET

SLB ( NYSE: SLB ) said Friday it is halting all shipments of products and technology into Russia "in response to the continued expansion of international sanctions."

The world's largest oilfield equipment provider - formerly Schlumberger - said the Russia ban now applies to all its worldwide operations, not just those in the U.K., U.S., the European Union and Canada.

SLB ( SLB ) recently had 9,600 employees working for top Russian oil and gas companies such as Gazprom and Rosneft; the work contributed 5% of the company's annual revenue of ~$28B.

The company has been criticized for continuing to work in Russia's oil sector since the invasion of Ukraine in February 2022.

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