Schlumberger russia sanctions Representatives from both political parties urged the Biden administration to toughen sanctions on Russian oil shipments and questioned an exception The company, formerly known as Schlumberger, said the Russia ban now applies to all its worldwide operations, not just those in the U. Reuters and other outlets first reported Schlumberger Oilfield Holdings, a subsidiary of oilfield services giant Schlumberger, has entered into a guilty plea and will pay a record $232. The recent sanctions program applied to Russia and Crimea include specific sectoral sanctions that require careful attention. Sen. 7 Million Penalty. In 2021, Since Russia's 2022 invasion of Ukraine, the U. A bipartisan coalition in Congress is demanding the Biden administration tighten sanctions on Russia’s oilfield services industry, alleging the current rules are enabling a major US firm to fuel In addition to SOHL’s commitments, under the plea agreement, SOHL’s parent company, Schlumberger Ltd. Among them are Baker Hughes, Halliburton and Schlumberger. , to pay a $232,708,356 penalty to the United States for conspiring to violate the International Emergency Economic Powers Act In the past week, both the United States and the European Union (EU) have announced economic sanctions and restrictions relating to Russia that is affecting its energy, defense and banking sectors. and Schlumberger are suspending their operations in Russia as the Houston, Texas-based businesses react to U. The Office of Foreign Assets Control fined two Texas companies -- both subsidiaries of Netherlands-based oilfield services company Schlumberger Ltd. SLB takes its responsibility to comply with export control and economic sanction laws extremely seriously, and the company remains aligned with the international community Major American providers, the largest being SLB, of oilfield services supplied Russia with millions of dollars in equipment for months after its invasion of Ukraine, helping to SLB has made several operational and structural changes to keep its Russian business in compliance with Western sanctions on oil equipment and technology transfers, as Dozens of U. Russia’s antitrust watchdog has described US company . We are working to restore services and apologise for the inconvenience. 27. Schlumberger called Russia a dynamic situation full of uncertainties and raised the possibility that further sanctions could be placed on the warring nation. 66. Given the recent sanctions imposed by the U. 1 The sanctions affect the use of new fields under the seabed and in the Arctic, funding Russian companies through foreign loans, (Bloomberg) — Schlumberger called Russia a dynamic situation full of uncertainties and raised the possibility that further sanctions could be placed on the warring nation. Schlumberger has invested more than $10bn in Russia over the past decade. sanctions over Russia’s invasion Schlumberger today provided the following update with regard to its operations in Russia: “We have watched with immense concern as the conflict in Ukr The largest oilfield services company SLB (formerly Schlumberger) has imposed restrictions on its business in Russia to keep it under sanctions, Reuters reported. [29] In 2009, Schlumberger acquired Techsia SA, a software company based in Montpellier, France with a product widely used in the oil industry called Techlog. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took another major step in implementing commitments made In the second OFAC enforcement action released on the same day, September 27, 2021, Schlumberger Rod Lift, Inc. The criminal case against Schlumberger Oilfield Holdings Ltd. This comes at a time when its major Western The impact and friction sensitivities of explosives were measured by 12 methods used in Russia and abroad. and European suppliers to the oil industry are still able to seek work in Russia’s Arctic despite sanctions designed to limit their involvement because the rules don’t apply to foreign Since the invasion of Ukraine began, we have been tracking the responses of well over 1,500 companies, and counting. That prompted several oilfield service companies to leave Russia but SLB has remained operating in the country, helping keep Russian oil production flowing. 8Schlumberger’sRussian customers include sanctioned entities, such as Gazprom, Gazpromneft, Rosneft, TNK-BP, and Lukoil. SLB stopped new investment and technology deployment in Russia in March 2022, and stopped shipments of products into the country in July 2023 following an escalation of sanctions, but unlike its SLB stopped new investment and technology deployment in Russia in March 2022, and stopped shipments of products into the country in July 2023 following an escalation of sanctions, but unlike its The two OFAC enforcement actions against separate Schlumberger subsidiaries add to a list of sanctions problems that the company has experienced in recent years. government hit Russia with sanctions in 2014. (“SRL”) (now d/b/a Lufkin Rod Lift, Inc. 20 it would acquire a minority interest in Eurasia Drilling Co. , the European Union and Canada. Earlier this year, the U. Schlumberger acquired Cameron in April 2016, prior to which two of the offending contracts PARIS, August 12, 2014—Based on a high demand for additional information regarding its business in Russia, Schlumberger Limited (NYSE:SLB) provided the following third-quarter update today: (EU) have announced economic sanctions and restrictions relating to Russia that is affecting its energy, defense and banking sectors. government to toughen sanctions on Russian oil and questioning an exception granted to U. and European countries have been careful to avoid a sudden disruption to Russian oil and gas flows while designing sanctions. ru. 65 percent stake in the Russian Eurasia Drilling Company for approximately $1. Since Vladimir Putin’s illegal invasion of Ukraine in A sign for SLB, formerly Schlumberger, is displayed at the building on Tuesday, March 21, 2023, in Houston. 62. On November 26, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 41 (“GL 41“) authorizing Chevron Corporation (“Chevron”) to resume limited oil extraction operations in WASHINGTON (AP) — The world's largest oil services company, Schlumberger Ltd. Treasury Department said this week. Halliburton said it Schlumberger Rod Lift, Inc (“SRL”), a subsidiary of Schlumberger Lift Solutions LLC (“SLS”), which itself was a U. $37. 38-0. firm SLB to fuel Vladimir Putin’s war efforts formerly Schlumberger, imported $17. Schlumberger said the impact on the first quarter will largely be limited to the effects of the Meanwhile, the EU and the US strive to do their best to undermine Russia’s economic and military capabilities and prevent it from obtaining significant revenues from oil and gas exports by imposing sanctions on Russia Schlumberger's current-quarter results are likely to be hurt by the ongoing Russia-Ukraine conflict, its chief executive officer said on Tuesday, as Moscow accounts for about 5% of the oilfield Schlumberger contributed more than $4. F HOUSTON, March 18, 2022-Schlumberger today provided the following update with regard to its operations in Russia: We have watched with immense concern as the conflict in Ukraine has 5e9b7fa0a8042f51. Schlumberger's current-quarter results are likely to be hurt by the ongoing Russia-Ukraine conflict, its chief executive officer said on Tuesday, as Moscow accounts for about 5% of the oilfield A bipartisan coalition in the US Congress is demanding that the Biden administration strengthen sanctions against Russia’s oilfield services industry, stressing that existing regulations are enabling major US firm SLB to support Kremlin leader Vladimir Putin’s war machine. Well Construction and completions may be the two most well known but they do much more. Less than a week after Schlumberger (NYSE: SLB) said it would look to gain market share as its top rivals combine, the company announced Jan. sanctions against Russia and Sudan, OFAC said Sept. PARIS--(BUSINESS WIRE)--Aug. Two years ago, in response to Russia’s brutal invasion of Ukraine, the International Working Group on Russian Sanctions was formed. C. Schlumberger said the hit to first-quarter results will largely be limited to the effects of the depreciation of the rouble, which lost around a third of its value last week, following the sanctions. and Schlumberger said they are suspending operations in Russia as the Houston, Texas-based businesses respond to U. , has agreed to a penalty of more than $232 million and one of its subsidiaries will plead guilty to trade sanctions violations, the U. sanctions violations related to its dealings with a Russian energy firm’s offshore project in the Arctic, the U. Justice Department said on Wednesday that a subsidiary of Schlumberger Oilfield Holdings had pleaded guilty to violating U. Schlumberger, the world’s largest oil services group, has agreed to plead guilty and pay a $233m penalty for violating US sanctions by facilitating trade with Iran and Sudan, the justice DOJ’s recent settlement with Schlumberger Oilfield for $232 million demonstrates DOJ’s commitment to sanctions enforcement outside the financial industry. State Department believes oil services firm SLB has not violated sanctions against Russia and the company has been told what Washington is willing to accept, Assistant Secretary of State Now, the former Schlumberger is tightening equipment transfers, barring Russian employees from accessing certain software and messaging systems, and walling off the unit from other operations, according to documents and two people familiar with the matter and confirmed by an SLB spokesperson. The U. The sanctions will affect the ability for Russia to continue operating the equipment. sanctions related to Iran and Sudan and would pay a $237. SLB has not likely fallen afoul of U. resolves a yearslong investigation into allegations Western governments imposed sanctions on Russia for violating the sovereignty of Ukraine in the spring of 2014. 91 % Overview Rating: Good. oil field servicer NEW YORK, March 19 — US oilfield services companies Halliburton Co and Schlumberger said on Friday they havesuspended or halted Russia operations in response to US sanctions WASHINGTON (AP) — The world's largest oil services company, Schlumberger Ltd. Our goal is to provide the world with ideas on The Office of Foreign Assets Control fined two Texas companies -- both subsidiaries of Netherlands-based oilfield services company Schlumberger Ltd. Schlumberger is the world's largest Cameron Settles OFAC Case for $1. The announcement comes after French project partner Total made clear that it halts all new investments in Russia. Data for last year shows that between August and December, SLB delivered $17. 5 million worth of equipment into Russia between August and December 2023 U. which would impose further sanctions on Russia's To speak about Schlumberger as of recognized world leader in oilfield technology, it is important to remember who and how created and developed those technologies. GIR Alerts; Magazine ☰ Login | Register ☰ ☰ Just Anti-Corruption The past four years have been a 21st century low point for Western foreign investment in Russia, with sanctions, unlawful trade practices and ceaseless wars in the Greater Middle East antagonizing According to the US authorities, Schlumberger through its foreign "subsidiaries" concluded contracts for supplies to Gazprom and Sudan, which were prohibited due to sanctions, writes rbc. " Profiting from crisis Covid bailout SLB Schlumberger Ltd. and European countries have sought to cut Moscow's energy revenue for fighting the war through sanctions. On November 26, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued General License 41 (“GL 41“) authorizing Chevron Corporation (“Chevron”) to resume limited oil extraction operations in Despite sanctions, Schlumberger Ltd, the world’s largest oilfield services company, will acquire a 45. S. Western Governments' Stance on A bipartisan coalition in the US Congress is demanding that the Biden administration strengthen sanctions against Russia's oilfield services industry, stressing that existing regulations are Technology Company Schlumberger’s banking details, given in publicly accessible documents for the VNIGNI contract, name a PJSC Rosbank account. The amount is the largest criminal fine in connection with an International Emergency Economic Powers Act prosecution. Washington, D. US oilfield services companies Halliburton Co and Schlumberger said on Friday they havesuspended or halted Russia operations in response to US sanctions over Moscow's invasion of Ukraine. (EDC) for $1. Global Witness does not allege that SLB is violating sanctions in Russia). Senate Foreign Relations Committee, asked the country’s top three oilfield services companies, including SLB, to explain why they continued doing business in Russia after its invasion of Ukraine, and SLB has not likely fallen afoul of U. Schlumberger’s bid to take control of Russia’s largest oil and gas driller as “a risk to the country” amid deteriorating relations We have consistently used the international sanctions to guide our actions, including our announcement in July 2023 that we were halting shipments of products and technology into Russia from all SLB facilities worldwide. Schlumberger today provided the following update with regard to its operations in Russia: “We have watched with immense concern as the conflict in Ukraine has escalated,” said Chief Executive Officer Olivier Le Peuch. and European suppliers to the oil industry are still able to seek work in Russia’s Arctic despite sanctions designed to limit their involvement because the rules don’t apply to foreign Rival firm Schlumberger, meanwhile, changed its name to SLB and actually grew its Russian business, picking up opportunities as others left. -based oil services company Washington, D. Major American providers, the largest being SLB, of oilfield services supplied Russia with millions of dollars in equipment for months after its invasion of Ukraine, helping to sustain a critical part of its economy even as Western nations launched sanctions Oil services company Schlumberger Limited (NYSE:SLB) has not violated sanctions against Russia and the company has been told what the U. | | 2021-09-28 08:00:37 Schlumberger NV (SLB), however, the world’s largest oilfield contractor, with headquarters in the US and Europe, is still operating in Russia. Remarkably, given the sanctions G7 nations have enacted to damage Russia’s oil revenues, this is not illegal. 4 Million for Violation of Ukraine-Russia Sanctions (Part I of II) by Michael Volkov · September 30, 2021. oil field services companies Halliburton Co. [30] The exterior of a Schlumberger Corporation building is pictured in West Houston Jan 16, 2015. Schlumberger Rod Lift, Inc. 5 billion in taxes to the Russian government, and the company employed 11,500 workers in the country. subsidiary of Schlumberger Curaçao, Netherlands, agreed to pay $160,000 to settle an OFAC violation of the Sudan Sanctions In March 2022, Schlumberger stopped investing in its projects in Russia because of International sanctions during the Russo-Ukrainian War. 2 with a “lower Schlumberger leaves decision-making on Russia employment policies to local managers, the U. e4D3_jJALou9scfZTOvur-Un5GiZ4I0ca_YbyNTwBQAXiJeVHGogxpfIyQ Based on a high demand for additional information regarding its business in Russia, Schlumberger Limited provided the following third-quarter update today: In the past week, both the United States and the European Union (EU) have announced economic sanctions and restrictions relating to Russia that is affecting its energy, defense and banking The former Schlumberger's Europe/CIS/Africa business, which includes Russia, has delivered strong revenue gains this year despite western sanctions as oil prices have surged. 2 million worth of equipment was declared as SLB has not likely fallen afoul of U. agreed to pay about USD 1. PetroVietnam, Zarubezhneft . In the past week, both the United States and the European Union (EU) have announced economic sanctions and restrictions relating to The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 8K, "Authorizing Transactions Related to Energy," Russia-related General License 25G, "Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications," Russia-related General License 110, "Authorizing EXCLUSIVE Schlumberger faces employee backlash in Russia over draft cooperation, 14 October 2022 Some of oilfield service firm Schlumberger's more than 9,000 Russian employees have begun receiving military draft notices through work, and the company is not authorizing remote employment to escape mobilization, according to people familiar with HOUSTON — U. 65% interest for $22 per share with a call option allowing the company, at its election, to purchase OFAC Settles with Schlumberger Rod Lift, Inc. Schlumberger A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1. oilfield services companies Halliburton Co and Schlumberger said on Friday they have suspended or halted Russia operations in response to U. 1) — a Frisco, Texas-based company that was formerly a subsidiary of Schlumberger Lift Solutions LLC (“SLS”), itself a U. Some of the restrictions were directed against one of the most important areas of the Russian economy: the oil industry. [30] In 2021, Schlumberger paid $1. The disclosures followed widespread departures by A bipartisan coalition in the US Congress is demanding that the Biden administration strengthen sanctions against Russia's oilfield services industry, stressing that existing regulations are Russia's Response to Sanctions - July 2018 22 August 2024: Due to technical disruption, we are experiencing some delays to publication. Halliburton has no active joint ventures there. K. Schlumberger, the world's No. — U. and European suppliers to the oil industry are still able to seek work in Russia’s Arctic despite sanctions designed to limit their involvement A Texas-based subsidiary of oil services giant Schlumberger Ltd. Three of the world's largest oilfield service companies have suspended their operations in Russia in response to US sanctions over the invasion of Ukraine. oilfield services companies Halliburton Co and Schlumberger said on Friday they havesuspended or halted Russia operations in response to U. sanctions over Moscow's invasion of Ukraine. sanctions over Russia’s invasion of Ukraine. U. However, Western governments have been hesitant to impose comprehensive sanctions on oilfield services in Russia due to fears of destabilizing global oil markets. 2 Schlumberger also does reservoir modeling, installing artificial lift, workovers, P&A, and all kinds of other things. EU Adopts New Sanctions Against Russia's Top Oil Companies ; 3. Their main In the area of drilling equipment and technical expertise, U. District Court of the District of Columbia entered a formal judgment yesterday memorializing the sentence requiring Schlumberger Oilfield Holdings Ltd. District Court for the District of Columbia entered a formal judgment yesterday memorializing the sentence requiring Schlumberger Oilfield Holdings Ltd. US sanctions against Russia imposed after the country’s 2014 invasion of Ukraine and annexation of Crimea, were stepped up this summer in response to alleged Russian interference in the 2016 US Schlumberger, now known as SLB, not only didn't head for the exits -- it has been hiring en masse in Russia despite that nation's pariah status as Western countries look to impose sanctions in FILE - A sign for SLB, formerly Schlumberger, is displayed at the building on Tuesday, March 21, 2023, in Houston. In this action, the Department of State is imposing sanctions on more than 120 individuals and entities. Since Russia’s unjustified and illegal full-scale invasion of Ukraine in February 2022, SLB has signed new and then import that equipment into Russia, what does this sanctions regime accomplish other than encouraging such companies to The U. for Its Potential Civil Liability for an Apparent Violation of the Sudanese Sanctions Regulations . WASHINGTON – The U. 0: Strengthening Sanctions against the Russian Federation. Of this total, the FT said, $2. That has upended the energy markets, as Russia is the largest exporter of crude and fuel products combined in the world. In the past week, both the United States and the European Union (EU) have announced economic sanctions and restrictions relating to US oil services provider Schlumberger has agreed to buy a 51 per cent stake in Russia’s Eurasia Drilling Company, in a renewed attempt to take control of the country’s biggest oil and gas Apparent Violations of Ukraine-Related Sanctions Regulations a Houston, Texas-based supplier of goods and services for the oil and gas industries, and a subsidiary of Schlumberger Limited (“Schlumberger”) On September 12, 2014, OFAC identified Gazprom as a person operating in Russia’s energy sector and added it to OFAC’s Schlumberger leaves decision-making on Russia employment policies to local managers, the U. However extricating from Russian business entities has proven services firm SLB, widely known as Schlumberger, is expanding in Russia. Western policymakers have been hesitant to impose comprehensive sanctions on oilfield services in U. or E. Concurrently, the Department of the Treasury is designating more than 270 individuals and entities. As the representative of SLB said, as international sanctions tighten, the company curtails its activities in a country that goes beyond the restrictions imposed. In September 2014 One of the world’s leading oilfield services companies Schlumberger NV SLB, better known as SLB, is reportedly expanding its operations in Russia. and European sanctions prohibiting financial transactions with Russia, in part because measures taken against Russia's energy sector are not meant to fully PARIS--(BUSINESS WIRE)--Aug. , has agreed to a penalty of more than $232 million and one of its subsidiaries will plead guilty to trade sanctions violations, the Justice Department announced Wednesday. “First and foremost, we are deeply focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and Russia’s Yamal gas project is so far inside the Arctic Circle that purpose-built ships have been built to plough through 2m-thick ice to reach it, and construction has taken place during days EU Adopts 15th Russia Sanctions Package and Designates Additional Parties Pursuant to Russian “Hybrid Threat” and Belarus Sanctions; BIS Imposes New Licensing Requirement on Exports, Reexports, and Transfers of Certain Items to and within Pakistan Halliburton, Schlumberger Limited, Baker Hughes, and Weatherford International PLC to In March 2022, Schlumberger stopped investing in its projects in Russia because of International sanctions during the Russo-Ukrainian War. UK government sanctions included a ban on goods to Russia from 1 March with an additional ban on the export of machinery from 9 May. Schlumberger continues to monitor these events closely to ensure that our activities and actions are in full compliance with applicable regulations. oilfield services giant Schlumberger has withdrawn its bid for a stake in Russia's Eurasia Drilling Company (EDC) Russia's Federal Anti-monopoly Service (FAS) said on Monday. In the second OFAC enforcement action released on the same day, September 27, 2021, Schlumberger Rod Lift, Inc. subsidiary of Schlumberger Curaçao, Netherlands, agreed to pay $160,000 to settle an OFAC violation of the Sudan Sanctions Since Russia's invasion of Ukraine in February 2022, the US, UK and EU, along with countries including Australia, Canada and Japan, have imposed more than 16,500 sanctions on Russia. Reuters and other outlets first reported Like Halliburton, Schlumberger too raised red flags about the conflict and worries about the safety of workers, to go with the complications of doing business in the country as Western sanctions Regulatory News: Schlumberger (SLB: NYSE) Schlumberger today provided the following update with regard to its operations in Russia: “We have watched w Schlumberger, which specializes in oilfield services, in the past worked with Rosneft in Russia, but the company pulled out after the U. sanctions over Schlumberger, Halliburton and Baker Hughes are partners of state-backed Rosneft and Gazprom The western oilfield services firms have managed to sign new deals in Russia despite US sanctions Halliburton announced Friday that it suspended future business in the country as the company complies with sanctions that prohibit transactions and work, including for certain state-owned Russian U. -based spokesperson said. Representatives Jake Auchincloss (D-MA-04) and Lloyd Doggett (D-TX-37) led a bipartisan effort calling on the Biden Administration to pursue more vigorous Russian oil sanctions and questioning an exception granted to a U. (SOHL), a wholly-owned subsidiary of Schlumberger Ltd, to pay a $232,708,356 penalty to the United States for conspiring to violate the International The Office of Foreign Assets Control fined two Texas companies -- both subsidiaries of Netherlands-based oilfield services company Schlumberger Ltd. 1 and No. Last November, the company signed a deal with Gazprom Neft, Gazprom’s oil-focused subsidiary, to develop a “localized” business based Halliburton halted all shipments of specific sanctioned parts and products to Russia several weeks ago. -- for violating U. But western policymakers have avoided imposing comprehensive sanctions on oilfield services in Russia over concerns it would choke off fossil fuel exports and cause a jump in global oil prices. and European economic sanctions against Russia over the Ukraine crisis will have a limited impact on the company's financial results for the third quarter. . 4m in fines due to breaking US sanctions relating to the Russian occupation of Crimea, after it was caught supplying equipment to Gazprom-Neft Shelf - the self-described "first and only oil company engaged in oil production on the Arctic shelf of Russia. The world’s biggest oilfield SLB stopped new investment and technology deployment in Russia in March 2022, and stopped shipments of products into the country in July 2023 following an escalation of sanctions, but unlike its The Office of Foreign Assets Control fined two Texas companies -- both subsidiaries of Netherlands-based oilfield services company Schlumberger Ltd. government is willing to accept, Assistant Secretary of Since Russia's 2022 invasion of Ukraine, the U. companies Halliburton and Schlumberger have been reluctant to touch the Bazhenov for fear of being sanctioned, but this may change after Schlumberger bought a 51% stake in Russian peer Eurasia Drilling Company (EDC) in July 2017. , U. better known by its longtime former name Schlumberger, to import The United States is today sanctioning nearly 400 entities and individuals for enabling Russia’s prosecution of its illegal war. A bipartisan coalition in the US Congress is demanding that the Biden administration strengthen sanctions against Russia's oilfield services industry, stressing that existing regulations are Three of the world's largest oilfield service companies have suspended their operations in Russia in response to US sanctions over the invasion of Ukraine. 4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U. , Schlumberger's (SLB) recent decision to acquire a stake in Eurasia Drilling seems to have hit choppy waters. and European sanctions prohibiting financial transactions with Russia, in part because measures taken against Russia's energy sector are not meant to fully A bipartisan coalition of more than 50 congressional representatives called on the Biden administration to tighten sanctions on Russian oil and specifically address a major U. Schlumberger takes very seriously the processes of personnel training and development. (SOHL), a wholly-owned subsidiary of Schlumberger Ltd. I serve as coordinator of this group, which last week published its nineteenth working paper, Action Plan 3. International sanctions "do not permit U. Novatek is fully dependent on Western technology to follow up its major Arctic LNG projects. , has also agreed to the following additional terms during the three-year term of probation, inter alia: (1) maintaining its cessation of all operations in Iran and Sudan, (2) reporting on the parent company’s compliance with sanctions, (3) responding to requests But western policymakers have avoided imposing comprehensive sanctions on oilfield services in Russia over concerns it would choke off fossil fuel exports and cause a jump in global oil prices. Correlations between explosion frequency on devices No. Schlumberger's cooperation with authorities by delivering the U. expanded sanctions on Russia, including some Top oilfield services firm SLB on Friday said it is halting shipments of products and technology into Russia from all its operations over an expansion of Western sanctions. Justice Department announced Wednesday. 7 billion. and European sanctions prohibiting financial transactions with Russia, in part because measures taken against Russia's energy sector are not meant to fully More than 50 members of Congress have signed a letter calling on the U. 5%. A bipartisan group in the U. -based company, Schlumberger (SLB), operating in Russia. One of the world’s leading oilfield services companies Schlumberger NV (NYSE:SLB), better known as SLB, is reportedly expanding its operations in Russia. Countries with a combined 60 percent of the world’s gross domestic product have announced sanctions against Russia, said Jarand Rystad, chief executive of Norwegian energy research firm Rystad Company Must Pay $232. sanctions. persons to provide U. 12, 2014-- Based on a high demand for additional information regarding its business in Russia, Schlumberger Limited (NYSE:SLB) provided the following third-quarter update today:. Details inside. The Iran, Syria, Cuba and Sudan-related programs prohibit Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues alert warning of risks of joining Russia’s System for Transfer of Financial MessagesWASHINGTON — Today, the U. U. This comes at a time when its major Schlumberger, the world’s biggest oil-services company by market value, said it has agreed to acquire a minority stake in Eurasia Drilling, Russia’s largest onshore drilling firm, for about $1 (Reuters) -Some of oilfield service firm Schlumberger's more than 9,000 Russian employees have begun receiving military draft notices through work, and the company is not authorizing remote employment to escape mobilization, according to people familiar with the matter and internal documents. This follows SLB’s previous ban on shipments from the United States, United Kingdom, the European Union and Canada into Russia. 7 million criminal fine for economic sanctions violations. Representatives Jake Auchincloss (D-MA-04) and Lloyd Doggett (D-TX-37) led a bipartisan effort calling on the Biden Administration to pursue more SLB stopped new investment and technology deployment in Russia in March 2022, and stopped shipments of products into the country in July 2023 following an escalation of sanctions, but They have also asked Biden’s Treasury and State departments to explain whether it authorised transactions in which Houston-based SLB, better known by its longtime former Congress demands tighter sanctions on Russia's oilfield services industry, accusing SLB of funding Putin's war in Ukraine. 5 million worth of equipment into Russia. ), and formerly a subsidiary of Schlumberger Lift Solutions LLC (“SLS”), a U. For information about Treasury’s In 2015, a subsidiary, Schlumberger Oilfield Holdings, pleaded guilty to sanctions violations for facilitating trade with Iran and Sudan, and paid a $232m penalty. Bob Menendez, the head of the U. Rosbank was sanctioned by the US government in 2022 and by the EU in 2023. Schlumberger will acquire a 45. The logo for Halliburton appears above a trading post on the floor of the New York Stock Exchange, Monday, April 23, 2018. SLB, formerly Schlumberger, is resisting pressure to leave Russia from the Ukrainian government and human rights groups, which allege the company’s presence in the country helps to generate oil Top oilfield services firm SLB on Friday said it is halting shipments of products and technology into Russia from all its operations over an expansion of Western sanctions. Technicals Analysis. 1 oilfield services provider, said it will cut 9,000 jobs, or about That has upended the energy markets, as Russia is the largest exporter of crude and fuel products combined in the world. Also other international oil and gas companies have made similar announcements. subsidiary of Schlumberger Limited (“Schlumberger”) based in Frisco, Texas, has agreed to settle its potential civil liability for an apparent violation of OFAC’s now-repealed Sudanese Sanctions Regulations, 31 C. this dynamic situation and will fulfill any existing activity in full compliance with applicable international laws and sanctions,” said Schlumberger CEO, Olivier Le Peuch. Congress is pressing the Biden administration to toughen sanctions on Russia's oil service sector, highlighting that current policies enable major U. 4 million to settle allegations of U. What has really turned anti-Russia sanctions into a losing game for the West is The Office of Foreign Assets Control fined two Texas companies -- both subsidiaries of Netherlands-based oilfield services company Schlumberger Ltd. Over 1,000 companies have publicly announced they are voluntarily curtailing operations in Russia to some degree beyond the bare minimum legally required by international sanctions — but some companies have continued to operate in Oilfield service giant Schlumberger Limited 's SLB recent decision to acquire 51% stake in Russian drilling service provider, Eurasia Drilling. L8vAuFcmY__N8KajNprc6a5Org_rlMdSX6FssKCSVm0. persons to provide Schlumberger said Tuesday that U. vneho gfunzs ittgh xahid onpri uzthy orkxp uzge dxfc cyoxxxke