SLB, formerly known as Schlumberger, continues to operate and expand its business in Russia, even as its major competitors have exited the market. This development is highlighted in a recent Financial Times report.
According to the report, SLB has been importing equipment, hiring new staff, and securing contracts in Russia. Although the company announced last year that it would halt the delivery of “products and technology into Russia,” it did not commit to a complete withdrawal from the country. Recent customs filings reveal that equipment from SLB and its subsidiaries is still being shipped to Russia.
Data from August to December of the previous year shows SLB sent $17.5 million worth of equipment to Russia. Of this, $2.2 million worth was identified as coming from SLB or its subsidiaries. An anonymous source close to SLB clarified that this equipment was not produced at SLB’s facilities, aligning with the company’s 2023 statement.
The equipment delivered during this period primarily originated from China and India, with China being the main source.
This ongoing operation has drawn criticism from activists. Lela Stanley, a senior investigator at Global Witness, expressed frustration, stating, “Policymakers need to decide—are they serious about supporting Ukraine or not? Western energy firms are still allowed to assist Russia in producing oil, which funds the war. This is a significant failure.”
The hesitation of policymakers to impose sanctions on oilfield service providers in Russia stems from concerns about disrupting global oil markets. Instead of direct sanctions on Russian oil, a price cap was introduced to manage market stability.