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Complying with the US ban, 4 “giants” in oil field services stop making new investments in Russia

Complying with the US ban, 4 oilfield service giants stopped making new investments in Russia - Photo 1.

RT (Russia) news agency (Russia) on March 20 reported that the giants providing oilfield services around the world have revealed plans to stop new investments in Russia to comply with US sanctions against them. Russian military activity in Ukraine.

Weatherford International has become the latest company to embrace this trend.

“In compliance with the sanctions on February 24, 2022, we detained the shipments and immediately suspended any new investment or deployment of new technology in Russia.” Weatherford International said in a statement, adding that it currently has no active joint ventures or partnerships in Russia.

Weatherford International also said that amid the escalating sanctions, it will continue to fulfill its existing contractual obligations under international law and comply with the sanctions.

According to RT, on Saturday (March 19), US oilfield services companies Halliburton and Schlumberger said they had suspended operations in Russia to comply with US sanctions.

Halliburton said it had immediately halted all future business and would cease operations in Russia, having stopped shipping sanctioned components and products.

Schlumberger said it had stopped investing in and implementing new technology, but continued its existing operations in accordance with international law and sanctions.

Houston-based company Baker Hughes (USA) also made a similar move, announcing the reason it was necessary to implement US sanctions against Russia over Ukraine.

On March 8, 2022, after talking by phone with the leaders of France, Germany and Britain, US President Joe Biden announced a ban on Russian energy imports, including oil and gas, in a pressure campaign against Moscow, aimed at isolating Russia from the global economy and punishing President Vladimir Putin.

Previously, the ban on Russian oil and gas imports into the US was supported by the US Congress with 415 votes in favor and 17 votes against. This is a unilateral decision by Washington that has not been agreed by European countries.

In a letter to the White House, Mr. J. Biden said: “I am announcing today that the United States is targeting the lifeblood of the Russian economy. We are banning all imports of Russian oil, gas and energy.” This means that Russian oil will no longer be accepted at American ports and the US will deal another blow to the military activities of President V. Putin.

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