SLB's Russia Exit: A Necessary Move for Sanctions Compliance and Reputation
Generated by AI AgentWesley Park
Friday, Jan 17, 2025 11:31 am ET1min read
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As the world watches the geopolitical landscape shift, so too must businesses adapt to the changing environment. One such company, SLB (formerly Schlumberger), has found itself in the crosshairs of U.S. sanctions against Russia, prompting a review of its operations in the country. With revenue from Russia declining and new sanctions looming, SLB must now consider the legal and reputational risks of continuing its presence in the region.
In 2022, Russia's invasion of Ukraine led to a wave of sanctions from the U.S. and European countries, targeting Moscow's energy revenue. While many oilfield service companies, such as Baker Hughes and Halliburton, exited Russia, SLB chose to remain, citing the need to protect its employees and technology. However, this decision has not been without controversy, as SLB's competitors have capitalized on its reduced presence in Russia, gaining market share and access to advanced technology and expertise.
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As the world watches the geopolitical landscape shift, so too must businesses adapt to the changing environment. One such company, SLB (formerly Schlumberger), has found itself in the crosshairs of U.S. sanctions against Russia, prompting a review of its operations in the country. With revenue from Russia declining and new sanctions looming, SLB must now consider the legal and reputational risks of continuing its presence in the region.
In 2022, Russia's invasion of Ukraine led to a wave of sanctions from the U.S. and European countries, targeting Moscow's energy revenue. While many oilfield service companies, such as Baker Hughes and Halliburton, exited Russia, SLB chose to remain, citing the need to protect its employees and technology. However, this decision has not been without controversy, as SLB's competitors have capitalized on its reduced presence in Russia, gaining market share and access to advanced technology and expertise.
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