SLB, formerly known as Schlumberger, has announced it will be halting shipments of its products and technology into Russia from all its facilities around the globe.
The firm said that this decision was made in response to “the continued expansion of international sanctions.”
SLB had previously implemented a ban on shipments from the United States, United Kingdom, the European Union and Canada into Russia.
In March last year, the oilfield services business announced that it would make no new investments in Russia and that it would reduce its activity within the country while withholding new technology used in its services business.
However, it continued to provide shipments from its bases in other countries until this latest announcement.
Since its decision in 2022, the firm says it has “continued to commit significant resources to ensure it meets and exceeds the various international laws” that have put sanctions in place against Russia.
The business writes: “SLB takes its responsibility to comply with export control and economic sanction laws extremely seriously, and the company remains aligned with the international community in condemning and calling for an end to the war in Ukraine.”
Around the time of its announcement to cut ties with Russia SLB said it would take an earnings hit from the combined effects of Russia’s attack on Ukraine and an increasingly snarled global supply chain.
Despite saying it would take a hit, the oilfield services business reported an 83% leap in its net income during its 2022 results, to $3.4 billion, in what it described as a “remarkable year for SLB with great success”.
SLB, then Schlumberger, made the decision as many of its competitors also pulled operations from the country.
Baker Hughes, Halliburton, and Weatherford International all suspended investment as a result of the Russian invasion of Ukraine at around the same time SLB announced it was.