The American oilfield services company SLB, previously known as Schlumberger, shortened its footprint in the Russian market to weather the pressure of Western sanctions and keep the business viable. Reuters reported via company representatives that this strategic pullback was linked to the mounting international restrictions and the need to balance operations with compliance across multiple jurisdictions.
In January, Reuters outlined that SLB, one of the world’s largest providers of oilfield services, faced a nuanced path in Russia. The company reportedly managed to adjust its activities in the Russian market and still report rising revenue in the third quarter of 2022, with the division showing quarter-on-quarter gains against the preceding quarter. The coverage emphasized that the company navigated a challenging sanctions landscape while pursuing cost-effective, compliant growth under shifting regulatory conditions.
A number of steps were described as part of SLB’s approach to sanctions compliance. According to sources, the former Schlumberger leadership tightened access to certain software and messaging systems for Russian employees, aimed at preventing sensitive tool usage and protecting core operations from external risks as sanctions tightened. The reporting noted that management took deliberate actions to reduce activities in alignment with evolving restrictions, sometimes exceeding the minimum requirements set by the sanctions regime. These measures were described as part of a broader effort to maintain safety, security, and compliance across the business lines affected by the restrictions.
The scope of the new restrictions was outlined as covering the delivery of all products and technologies developed by SLB divisions based in the United States, the United Kingdom, the European Union, and Canada. The article cited indicates that, under these constraints, SLB products from its global operations would not be imported into Russia, signaling a comprehensive shift in the company’s commercial strategy to align with the sanctions environment while protecting its broader corporate interests and regional teams from exposure to prohibited trade flows.