The head of the U.S. Senate Foreign Relations Committee has asked the country's top three oilfield services companies to explain why they continued doing business in Russia after its invasion of Ukraine, and demanded that they commit to “cease all investments” in Russia's fossil fuel infrastructure.
Sen. Bob Menendez, a Democrat from New Jersey, cited an Associated Press report that the companies — SLB, Baker Hughes and Halliburton — helped keep Russian oil flowing even as sanctions targeted the Russian war effort.
Much of Russia’s oil is hard to reach, and analysts say that had U.S. oilfield services companies all pulled out, its production would have taken an immediate hit.
Halliburton wound down its Russia operations less than six months after the invasion, while Baker Hughes sold its oilfield services business in Russia after about nine months.
In contrast, oil majors such as Shell and BP announced they would quit Russia within days or weeks of the invasion, writing off billions of dollars.
Persons:
Sen, Bob Menendez, SLB, Baker Hughes, Halliburton —, B4Ukraine, Menendez, Joe Biden, Halliburton, Moira Duff, Duff, ” Halliburton, Brad Leone, ”, Eleanor Nichol
Organizations:
U.S . Senate Foreign Relations, Associated Press, AP, Schlumberger, Congress, Shell, BP
Locations:
Russia, Ukraine, New Jersey, American, U.S