US Congress calls for tougher anti-Russian sanctions on oilfield services – FT

A bipartisan coalition in the US Congress is demanding that the Biden administration strengthen sanctions against Russia's oilfield services industry, stressing that existing regulations are enabling major US firm SLB to support Kremlin leader Vladimir Putin's war machine.

Source: The Financial Times, as reported by European Pravda

Details: Congress members have also requested clarification from the US Treasury Department and the State Department regarding whether the Biden administration approved transactions allowing Houston-based SLB, better known by its longtime former name Schlumberger, to import US$17.5 million worth of equipment to Russia between August and December of the previous year. SLB is the world's largest oilfield services company.

The congressional demands come after an August investigation by the Financial Times revealed that SLB has continued to expand its operations in Russia, taking advantage of the withdrawal of Western competitors, despite international sanctions in response to Russia's full-scale invasion of Ukraine.

"This US-based company is keeping Vladimir Putin's war machine well-oiled with financing for the barbaric invasion of Ukraine," reads a letter signed by over 50 members of Congress and addressed to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen.

"We urge you to continue supporting our Ukrainian allies by pursuing more rigorous oil sanctions to effectively restrict Putin’s profits," the letter adds.

Representatives of the State Department and SLB did not respond to the FT's requests for comment.

The US Treasury Department noted it remained "committed to using all our tools to reduce the Kremlin’s revenues and make it harder for Russia’s war machine to operate".

"US firms are prevented from making any new investments in Russia and we plan to enforce all our sanctions against companies within our jurisdiction," the Treasury said.

Last year, Ukraine's National Agency on Corruption Prevention placed SLB on its blacklist as an "international war sponsor." However, Western politicians have refrained from implementing comprehensive sanctions against Russia's oil and gas companies, fearing that such measures could disrupt fossil fuel exports and trigger a surge in global oil prices.

Background: In 2022, reports indicated that employees of the US oilfield services company Schlumberger began receiving military draft notices in Russia.

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