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SLB (NYSE:SLB) said Friday it is halting all shipments of products and technology into Russia “in response to the continued expansion of international sanctions.”
The world’s largest oilfield equipment provider – formerly Schlumberger – said the Russia ban now applies to all its worldwide operations, not just those in the U.K., U.S., the European Union and Canada.
SLB (SLB) recently had 9,600 employees working for top Russian oil and gas companies such as Gazprom and Rosneft; the work contributed 5% of the company’s annual revenue of ~$28B.
The company has been criticized for continuing to work in Russia’s oil sector since the invasion of Ukraine in February 2022.
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