NEW YORK (AP) — Baker Hughes, a major US oil services company, added his name on Saturday to the growing list of U.S. companies that are withdrawing from Russia in response to Moscow's war against Ukraine.
Baker Hughes announced his decision a day after oil companies Halliburton Co. and Schlumberger took similar measures.
The positions of these Houston-based firms are part of the sanctions imposed by the United States because of Russia's invasion of Ukraine.
In its statement, Baker Hughes, also based in London, said it was suspending new investments for its operations in Russia and that it abides by applicable laws and penalties while fulfilling its existing contractual obligations.
He added that his announcement comes after an internal decision taken with his board of directors and shared with his top managers.
“The crisis in Ukraine is of great concern and we strongly support a diplomatic solution,” said Lorenzo Simonelli, president and CEO of Baker Hughes.
Halliburton announced on Friday that it was suspending future business in Russia. Halliburton reported that several weeks ago it suspended all shipments of specifically sanctioned parts and products to Russia and that it will prioritize safety and reliability while concluding its remaining operations in the country.
Schlumberger said it had suspended investments and technology deployment for its operations in Russia.
“Safety and security are at the heart of who we are as a company and we call for an end to conflict and the restoration of security in the region,” Schlumberger CEO Olivier Le Peuch said in a statement.
As the war continues and the deadly violent incidents and humanitarian crisis worsen, companies that continue to operate face increasing pressure to leave Russia.
More than 400 US and foreign multinationals have withdrawn from Russia, permanently or temporarily, according to Joffrey Sonnenfeld, Senior Associate Dean of Executive Programs at Yale University School of Management, who has published a list of corporate actions in Russia.
Oil companies ExxonMobil, Shell and BP, as well as other major technology companies such as Dell and Facebook, were among the first to announce their retirement or suspension of operations.
Many others followed suit, including McDonald's, Starbucks and Estee Lauder. Approximately 30 companies continue to operate in Russia.
Ukrainian President Volodymyr Zelenskyy on Wednesday called on the US Congress to put pressure on US companies that continue to operate in Russia to leave, because, he said, the Russian market is “flooded with our blood.”