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U.S. oilfield services company Baker Hughes said on Saturday it was suspending new investments for its operations in Russia, a day after similar moves were announced by rivals Halliburton Co. and Schlumberger.
The actions of companies from Houston, Texas, were taken in response to US sanctions in connection with the Russian invasion of Ukraine.
Baker Hughes, which is also headquartered in London, said in a statement that the company is complying with applicable laws and sanctions while meeting current contractual obligations. This announcement follows an internal decision made by the board of directors and brought to the attention of senior management.
The Halliburton logo above a trading post on the floor of the New York Stock Exchange on Monday, April 23, 2018. (AP Photo/Richard Drew, File/AP Newsroom)
“The crisis in Ukraine is a major concern and we strongly support a diplomatic solution,” said Lorenzo Simonelli, Chairman and CEO of Baker Hughes.
On Friday, Halliburton announced it was suspending business in Russia. Halliburton said it suspended all deliveries of certain parts and products to Russia a few weeks ago and will prioritize safety and reliability as it winds down remaining operations in the country.
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Schlumberger said it has suspended investment and technology deployment at its facilities in Russia.
Shell PLC said it would donate profits from Russian oil purchases to efforts to alleviate the humanitarian crisis in Ukraine following outrage over the company’s bid for Russian oil. Press)
“Safety and security are at the core of who we are as a company, and we are calling for an end to conflict and a return to security in the region,” said Schlumberger CEO Olivier Le Peuch.
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As the war continues and the deadly violence and humanitarian crisis worsen, the remaining companies are increasingly forced to leave.
According to Jeffrey Sonnenfeld, senior associate dean for executive programs at the Yale School of Management, more than 400 US and other multinational companies have left Russia permanently or temporarily by publishing a list of corporate actions in Russia.
ExxonMobil headquarters in Irving, Texas (istock / iStock)
Oil companies ExxonMobil, Shell and BP, as well as some big tech companies like Dell and Facebook, were among the first to announce exits or suspensions. Many others followed, including McDonald’s, Starbucks and Estee Lauder. There are about 30 companies left.
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Ukrainian President Volodymyr Zelensky on Wednesday asked Congress to pressure U.S. businesses still operating in Russia to leave, saying the Russian market was “drenched in our blood.”