SLB halts all shipments of products and technology into Russia

Oilfield services company SLB announced on July 14 that it will immediately stop all shipments of its products and technology from its facilities worldwide.

The company said the ban is a response to growing international sanctions against Russia. Previously, SLB only restricted shipments of its products from the U.S., U.K., Canada, and the EU into Russia.  

SLB, previously known as Schlumberger, is the world's largest offshore drilling company. It continued to operate in Russia after the full-scale invasion of Ukraine in 2022, even as other oil giants left the country.

SLB faced criticism for continuing to work in the Russian oil sector even as Russian oil profits funded Putin's war in Ukraine. The $28 billion company was labeled an "international sponsor of war."

Now, SLB will no longer supply Russian oilfields with products or technologies from any of its facilities around the world. In their announcement, SLB joined "the international community in condemning and calling for an end to the war in Ukraine."

A study published earlier this year predicted that sanctions against Russia would intensify in 2023, and that Russia would see enormous losses in oil and gas revenue.

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