Posted By Global Banking and Finance Review
Posted on January 17, 2025
HOUSTON (Reuters) - Oilfield service provider SLB on Friday said its current business in Russia still aligns with new U.S. sanctions on Russia, but that revenue in the country was declining.
The world's largest oilfield service company is one of the few western firms to remain in Russia after its 2022 invasion of Ukraine.
The company is reviewing the new sanctions and believes that voluntary measures it has taken to adjust its business are aligned with the new restrictions, Chief Executive Officer Olivier Le Peuch said on Friday in an earnings call.
Revenue from SLB's operations in Russia has been declining and accounted for just 4% of its total revenue, down from 5% the year before, he said.
The U.S. Treasury this month tweaked an executive order to cut off Russia's access to U.S. services related to the extraction and production of crude oil and other petroleum products, effective Feb 27.
(Reporting by Arathy Somasekhar in Houston; Editing by Chizu Nomiyama)
