The Associated Press (AP) revealed that Russia acquired 5,500 items from the top five US oilfield service providers, with a total value surpassing $200 million, based on data from the Coalition 4Ukraine.
Among the companies contributing significantly to this equipment transfer were Baker Hughes, exporting approximately $121 million worth of equipment to Russia, SLB, which exported equipment worth about $60 million, and Halliburton, which contributed $20 million worth of equipment.
This move by US companies helped Russia maintain its oil and gas operations in the global energy market, despite the Western nations severing trade ties with the Kremlin and implementing stricter sanctions on Russian oil in December.
It’s noteworthy that Baker Hughes and Halliburton shut down their Russian operations in the months following the invasion, while SLB continued doing business in Russia, only recently starting to reduce shipments into the country.
However, SLB clarified that their sale to Russia shouldn’t be seen as an endorsement of Russia’s actions against Ukraine.
They also claimed to have voluntarily limited certain activities after the invasion, while supplying some products within the boundaries allowed by international sanctions.
Furthermore, Russia has taken measures to make it challenging for foreign companies to exit the country, imposing an exit tax and substantial rebates for any company attempting to sell its local operations and move out.
Recently, Russia escalated its economic conflict with the West by seizing the assets of two major corporations that were in the process of leaving the country, further intensifying tensions between Moscow and Western economies.