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US-based oil field services company Halliburton has announced that it has suspended its operations in Russia to comply with the sanctions imposed on the country after Moscow invaded Ukraine.
In a statement, the company said that it has immediately halted all future business in Russia. This includes work for certain state-owned Russian customers.
Halliburton will also gradually close its remaining operations in the country, in line with the sanctions.
It has already stopped shipping sanctioned components and products to Russia.
Halliburton chairman, president and CEO Jeff Miller said: “The war in Ukraine deeply saddens us. We have employees in both Ukraine and Russia, and the conflict greatly impacts our people, their families, and loved ones throughout the region.
“Since the start of this conflict, we prioritised employee safety and compliance with all relevant sanctions.”
Halliburton’s rival firm Schlumberger has announced that it has halted new investment and technology deployment to its Russian operations, amid the ongoing crisis. Despite this, it will continue existing activity in line with international laws and sanctions.
In a statement, Schlumberger CEO Olivier Le Peuch said: “We continue to actively monitor this dynamic situation, and will fulfil any existing activity in full compliance with applicable international laws and sanctions.
“Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region.”
Several energy companies have announced their departure or suspension of activities in Russia after the latter launched a military operation on Ukraine.
This includes Shell, BP, and Equinor, among others.
Russia is one of the largest petroleum producers in the world, and exports approximately seven to eight million barrels of oil products daily, according to Reuters.