American corporation SLB expands presence in Russia despite sanctions

By Asif Aydinli

The world's largest oilfield services corporation, SLB (formerly known as Schlumberger) , continues to strengthen its position in Russia despite increasing pressure from Western countries and the imposition of stringent sanctions against Russian oil and gas projects, reports the Financial Times.

In May 2023, SLB began aligning its Russian business with sanctions by limiting the transfer of key equipment and access to software for Russian employees. Among other measures, the company tightened internal controls to comply with Western sanctions and minimize risks to its global business. However, despite these steps, SLB has stated that it does not intend to exit the Russian market.

In July 2023, the company announced a complete halt to the supply of products and technologies to Russia from all of its international facilities, emphasizing that this step was necessary to comply with new international regulations. However, as early as January 2023, it was revealed that SLB had taken advantage of the departure of its competitors, such as Halliburton and Baker Hughes, and increased its presence in Russia by securing new contracts with major Russian oil and gas companies.

In March 2024, SLB CEO Olivier Le Peuch confirmed that the company does not plan to leave Russia, despite increased sanctions pressure from the West. He noted that since July 2023, SLB has implemented strict control measures to prevent any supplies and technological support to Russia, which, in the long term, may hinder the development of some major oil fields, particularly offshore.

Despite these measures, data from the Financial Times indicates that SLB continues to import equipment into Russia. Between August and December 2023, the company imported equipment worth $17.5 million, with machinery valued at $2.2 million produced directly by SLB or its subsidiaries. This raises questions about how strictly the company adheres to its statements and international sanctions.

The American corporation declined to comment on this data, citing compliance with international standards and imposed sanctions regimes. An expert close to the company noted that the imports might not have been directly from SLB facilities, which, according to him, aligns with the company’s public statements and international norms.
By the end of 2023, SLB's revenues in Russia amounted to $1.65 billion, underscoring the importance of the Russian market for the company. SLB's net assets in Russia at the end of 2023 were estimated at $600 million, and the company employs about 9,000 people in Russia.



Founded in 1926, SLB has become a global leader in the development and implementation of technologies for oil and gas exploration, drilling, production, and processing. The corporation operates in over 120 countries with approximately 100,000 employees. Throughout its history, SLB has repeatedly faced challenges related to changes in the global geopolitical landscape and continues to adapt to new business conditions.

SLB is actively working on innovations in energy technologies, implementing advanced solutions to improve hydrocarbon extraction efficiency. Despite the difficulties associated with sanctions, the company continues to maintain its reputation as a reliable partner in the oilfield services market.

In addition, SLB is focused on developing and applying sustainable practices in its operations. The corporation pays significant attention to the environmental and social aspects of its activities, striving to reduce its carbon footprint and minimize environmental impact. This includes the use of technologies to improve energy efficiency, as well as programs to reduce emissions and waste disposal.

Amid Russia’s international isolation and tightening sanctions, SLB’s continued operations in the Russian market remain an important indicator for other companies forced to choose between compliance with sanctions regimes and commercial interests. The situation around SLB also draws attention from analysts and experts who are watching how the company will balance political and economic factors in its strategy.

With each new challenge, SLB demonstrates flexibility and the ability to adapt to rapidly changing conditions in the global market. The company remains committed to its principles, focused on innovation and sustainable development, despite external pressures. The question of SLB’s future in Russia remains open, but one thing is clear: the corporation will continue to be a significant player in the global oilfield services industry, regardless of the decisions it will have to make in the coming years.

How SLB will manage its Russian assets and future development in the region remains to be seen, but it is already clear that the corporation intends to maintain its competitiveness and seek new paths for growth, even in the most challenging conditions.

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