SLB successfully navigates through sanctions jungle in Russia

The oil and gas service provider SLB, formerly known as Schlumberger, announced on Friday that its current operations in Russia remain in compliance with the new US sanctions against Russia. However, the company is experiencing declining revenues in the region. As the world's largest provider in its sector, SLB is among the few Western companies that have remained in the country following the Russian invasion of Ukraine in 2022. CEO Olivier Le Peuch stated in a recent conference call on quarterly earnings that the company is reviewing the new sanctions. SLB has already taken voluntary measures to adjust its operations accordingly and is confident that these are in compliance with the new restrictions. Revenues from SLB's Russian operations are declining and currently account for only 4 percent of total sales, compared to 5 percent in the previous year, Le Peuch further noted. This month, the US Treasury Department added a directive excluding Russia from American services related to the extraction and production of crude oil and other petroleum products, effective from February 27.