SLB’s work in Russia prompts criticism of weak Biden sanctions enforcement

A bipartisan coalition in Congress has sent a letter to the Biden administration demanding tighter sanctions on Russia’s oilfield services industry, alleging the current rules are helping SLB (NYSE:SLB) finance Vladimir Putin’s “barbaric invasion” of Ukraine, Financial Times reported Saturday.

The letter signed by more than 50 members of Congress from both parties asked the Treasury and State departments to explain whether they authorized transactions in which SLB (SLB) imported equipment into Russia worth $17.5M between August and December 2023.

Human rights groups and Ukraine’s government allege SLB’s (SLB) work in Russia helps generate billions of dollars of oil revenue that ultimately support Putin’s war effort, but western policymakers have avoided imposing comprehensive sanctions on oilfield services in Russia over concerns it would cut fossil fuel exports and cause a jump in global oil prices.

FT has reported that SLB (SLB) has continued to sign new contracts and recruit hundreds of staff in Russia, even after its largest U.S. oilfield services rivals sold their Russian businesses following the 2022 invasion.

Since December 2023, the company has posted more than 1,300 job advertisements in Russia, which have continued until as recently as this week, according to FT.