US oilfield services company SLB refuses to leave Russia despite new sanctions

Despite Washington's ban on providing oil-related services in Russia as part of the latest set of sanctions, oilfield services company SLB (Schlumberger) is not going to stop its business.

The activities of SLB, as the world's largest oilfield services company is now called, do not violate the sweeping new sanctions imposed on 10 January, its CEO Olivier Le Pesch said at a teleconference with investors. He said SLB had previously voluntarily taken measures to limit its activities in Russia, including stopping supplying products and technology there from all its facilities in other countries in 2023. ‘We are studying the new sanctions and at this point we believe our voluntary measures are in line with them,’ Le Pesch said.

Some U.S. lawmakers take a different view. SLB must withdraw from Russia or risk violating the new sanctions, Congressmen Lloyd Doggett and Jake Auchincloss said last week. ‘Any adequate interpretation of the Treasury Department's new guidance that ‘closes access to U.S. crude oil-related services’ means withdrawal of U.S. oilfield services companies from Russia,’ said House member Doggett.