Withdrawal from Baker Hughes, Schlumberger, and Halliburton Companies

Three major companies providing services related to oil fields, Baker Hughes, Schlumberger, and Halliburton, have decided to terminate their Russia-based projects.

Petroleum engineering companies, which are of great importance in the energy market, announced to the public that they have decided to withdraw from Russia one after another. Halliburton, one of the United States' companies, announced that it had suspended its business in Russia, followed by Schlumberger and Baker Hughes.

Hughes CEO Lorenzo Simonelli said the crisis in Ukraine is a cause for concern and supports diplomatic efforts. Simonelli stated that they condemn violence against families affected by this crisis. The share of Russia in the total revenues of Baker Hughes was at the level of 5 percent.

US oil field services company Halliburton announced last Friday that it was suspending Russian operations in response to US sanctions over Moscow's invasion of Ukraine.

Halliburton announced that it is immediately suspending its future operations and will cease operations in Russia after previously ending shipments of sanctioned parts and products to the country. It was noted that Russia's share of Halliburton's global revenues is at 2 percent.