- Category
- Latest news
US Oilfield Giant Weatherford Expands Russian Operations Despite Sanctions
- Authors
![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
US oilfield services giant Weatherford International is expanding its operations in Russia despite sweeping new sanctions intended to restrict the flow of oil dollars fueling the Kremlin’s war budget. according to Financial Times on August 21.
In the first half of 2025, revenue from Russia accounted for 7% of Weatherford’s global $2.4 billion turnover—up from 5% the previous year. By the end of June, the company’s Russian operations held $332 million in cash and other assets, compared to $233 million at the end of 2024.
The Financial Times identified nearly 100 job postings that Weatherford placed in Russia since late February, coinciding with the introduction of new US sanctions aimed at restricting American companies from providing oilfield services in the country. The findings underscore how Russian subsidiaries of certain US firms continue to deliver critical equipment and services to Russia’s oil and gas industry despite Moscow’s full-scale war against Ukraine.
By contrast, Weatherford’s two main US competitors, Baker Hughes and Halliburton, divested their Russian businesses to local managers and left the market following the February 2022 invasion. Texas-based SLB, formerly Schlumberger and the world’s largest oilfield services provider, continues to operate in Russia.
Democratic congressman Lloyd Doggett told the Financial Times he was dismayed that companies are bypassing sanctions and called on President Trump to halt what he described as “practising appeasement.” He added that American oil companies were complicit in funding the destruction and killings caused by Russia’s invasion.
Weatherford declined to comment on its activities in Russia or its compliance with sanctions. SLB, meanwhile, confirmed it has no intention of leaving the Russian market. In January, CEO Olivier Le Peuch assured investors that the company’s operations were in line with new sanctions. Since late February, SLB’s Russian division, still operating under the Schlumberger name, has advertised 382 job openings.
In a filing submitted to the SEC last month, Weatherford said it was closely monitoring and evaluating developments in Russia, “as well as any changes in international laws and sanctions.” Corporate documents from its Russian unit show that between 2022 and 2024, gross profit rose by 61% to $118 million, while revenue increased nearly 30%, with services showing the strongest growth.
Earlier, it was reported that Russia’s oil refining capacity dropped by more than 13 percent in August after a wave of Ukrainian drone strikes targeted key facilities, forcing several major plants offline.
According to The Moscow Times, at least four large refineries have been forced to suspend operations over the past three weeks. Among them is Rosneft’s Novokuibyshevsk refinery, which shut down on August 2. The plant has an annual capacity of 8.3 million tons.
