Mar 19, 2022 - World

Baker Hughes becomes the latest oil company to pull investments from Russia

Baker Hughes logo

Baker Hughes Company logo and models are shown in this illustration photo taken in Kyiv in August 2021. Photo: STR/NurPhoto via Getty Images

Oil field services company Baker Hughes became the latest American oil company to walk back its planned investments in Russia, the company announced on Saturday.

Driving the news: Baker Hughes' announcement came a day after its rivals, Halliburton Co. and Schlumberger, took similar steps in response to U.S. sanctions on Russia, ABC News reports.

The big picture: Since Russian President Vladimir Putin ordered the invasion of Ukraine last month, more than 400 companies have taken steps to reduce their investment or operations in Russia.

  • Halliburton stopped shipments of specific sanctioned parts and products to Russia several weeks ago, per ABC News. Schlumberger, too, halted investment and said it would stop sending technology to its operations in the country.

What they’re saying: Lorenzo Simonelli, Baker Hughes’ chairman and CEO, said in a statement the company “strongly supports a diplomatic solution” to the conflict.

  • “The health and safety of our employees, customers, partners, and their families always remains our top priority,” Simonelli said.
  • “We have been continuously monitoring the situation, and today’s announcement follows an internal decision made with our Board of Directors and communicated to our leadership team earlier this week.”

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