SLB Under Fire: U.S. Lawmakers Call for Tougher Sanctions on Russian Oil
In a bipartisan effort, lawmakers in the U.S. are urging the Biden administration to strengthen sanctions on Russian oil shipments, specifically targeting the operations of Schlumberger (SLB), the world’s largest oilfield company. Despite efforts to reduce Moscow’s energy revenue amidst the conflict in Ukraine, SLB has continued to operate in Russia, fueling concerns about financing Putin’s war machine.
Since the invasion of Ukraine in 2022, SLB has signed new contracts, expanded its workforce, and imported millions of dollars worth of equipment into Russia. This has raised alarms among lawmakers who are calling for more stringent measures to curb Putin’s profits and support Ukrainian allies.
While the Treasury and State departments have yet to respond to these calls, Assistant Secretary of State Geoffrey Pyatt has stated that SLB has not violated any sanctions against Russia. However, with 5% of its revenue coming from Russia and a significant presence in the country, SLB’s operations remain a point of contention.
The debate over Russian oil sanctions highlights the complex interplay between global energy markets and geopolitical conflicts. As investors and consumers, understanding these dynamics is crucial for navigating the uncertainties of the current landscape and making informed decisions about our financial future.