Congress pushes White House to tighten sanctions on Russia's oil service industry

This was reported by the Financial Times.

Lawmakers have called on the Treasury and State Departments to clarify if they approved transactions in which SLB, formerly Schlumberger, imported $17.5 million worth of equipment into Russia between August and December 2023.

SLB is the world's largest oil service provider.

The push from Congress follows an FT investigation in August, which revealed SLB was expanding operations in Russia, capitalizing on the exit of Western competitors despite international sanctions triggered by Russia’s invasion of Ukraine.

This U.S. company is directly fueling Putin’s war machine by helping finance the brutal invasion of Ukraine. The letter urges to step up sanctions on the oil sector to further restrict Putin’s revenue. It was signed by over 50 members of Congress, and addressed to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen.

The Treasury, State Department, and SLB did not respond to requests for comment. However, the Treasury Department reiterated its commitment to using all tools to cut the Kremlin’s income.

Last year, Ukraine’s National Agency for Corruption Prevention added SLB to its list of "international sponsors of war."

On Friday, October 18, SLB reported a 13% increase in third-quarter profits.

SLB has been sanctioned by the U.S. before. In 2015, it pled guilty to federal charges and paid $232 million for violating trade laws with Iran and Sudan. In 2021, its subsidiary, Cameron International Corporation, settled with the Treasury for $1.4 million over apparent violations related to services provided to Russia’s Gazprom Neft Shelf on an Arctic oil project.

• On July 15, 2023, SLB, the largest oilfield service company globally, announced it would halt the supply of goods and services to Russia.