Halliburton suspends future business in Russia (NYSE:HAL)
Hoptocopter/E+ via Getty Images
Halliburton (NYSE:HAL) says it has immediately suspended future business in Russia and is winding down remaining operations there.
Halliburton previously had halted all shipments of specific sanctioned parts and products to Russia; the company says it has no active joint ventures there.
The three biggest western oilfield services companies – Schlumberger, Halliburton and Baker Hughes – had not completely pulled out of the country.
J.P. Morgan has estimated that Russia makes up as much as 8% of total sales for Schlumberger, while Halliburton gets as much as 2% of revenue from the country.
