Despite sanctions, American company strengthens position in russian oil industry

This was reported by the Financial Times.

In the first half of 2025, the company's revenue from the russian market accounted for 7% of the total volume of $2.4 billion, which is 5% more than in the same period last year.

According to documents filed with the US Securities and Exchange Commission (SEC), at the end of June, the company's assets in russia included $332 million in cash and other assets, compared to $233 million at the end of 2024.

The Financial Times also recorded about 100 job advertisements posted by Weatherford in russia since the end of February, after new US sanctions came into force prohibiting American companies from providing oil field development services in russia.

This data indicates that russian subsidiaries of some US companies continue to provide critical equipment and services to the russian oil and gas industry, despite the full-scale invasion.

Weatherford's main competitors in the US, Baker Hughes and Halliburton, sold their russian assets to local managers and exited the market after the start of the full-scale war in February 2022. At the same time, Texas-based SLB (formerly Schlumberger), the world's largest provider of oilfield services, continues to operate in russia.

New sanctions, developed in the final days of Joe Biden's administration and implemented during Donald Trump's term, prohibit the provision of American services for the extraction and processing of oil and petroleum products to any person in russia. In addition, Washington has imposed sanctions on more than 30 russian oilfield services providers in an effort to block the oil and gas sector, a key export industry for the russian economy.

Source: iPress