Finance
SLB says its Russia business aligns with new US sanctions as revenue drops
Published by Global Banking & Finance Review®
Posted on January 17, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 17, 2025
1 min readLast updated: January 27, 2026
SLB's operations in Russia comply with new US sanctions, though revenue has decreased. The company remains one of the few Western firms in Russia.
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)
The article discusses SLB's alignment with new US sanctions on Russia and the impact on its revenue.
SLB's revenue from its Russia operations has declined, now accounting for 4% of total revenue.
SLB has taken voluntary measures to ensure its business aligns with the new US sanctions.
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