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Schlumberger, Halliburton, and Baker Hughes have not declared their exit from Russia.

FT: The present sanctions against Russia bar new investments by U.S. and EU firms in Russia’s energy, but they do not impede the existing activities.

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The three largest international oilfield services corporations remain in Russia, not following virtually all Western oil majors that have stated in recent weeks they would exit their Russian joint ventures and projects and would halt trading Russian oil.

While BP, Shell, and ExxonMobil hurried to proclaim they are withdrawing from all their businesses and investments in firms and joint ventures in Russia after Putin’s invasion of Ukraine, Schlumberger, Halliburton, and Baker Hughes have not made similar actions, the Financial Times writes.

The three oilfield services businesses, the world’s biggest, did not reply to FT’s requests for comment on their Russian operations.

Schlumberger, Halliburton, and Baker Hughes are partners with the main Russian oil and gas enterprises, including state-controlled Rosneft and Gazprom Neft.

The present sanctions against Russia prevent new investments by U.S. and EU corporations in Russia’s energy, but they do not impede the existing activities, according to FT.

“It’s considerably simpler for them to operate under the radar since they are not actively extracting or exporting oil and natural resources,” Audun Martinsen, director of energy services research at Rystad Energy, told FT, commenting on the oilfield services firms’ activity in Russia.

For Schlumberger, the world’s biggest oilfield services provider, Russia presently comprises around 5 percent of its worldwide revenue, chief executive officer Olivier Le Peuch said last week in an update on the forecast for the quarter ending March 31, 2022.

"As a result, based on what we see today, and given that Russia currently accounts for only about 5% of our global revenue, we continue to believe that increased activity and pricing will drive simultaneous double-digit growth—both internationally and in North America—leading to our overall 2022 revenue growth reaching the mid-teens," Le Peuch said of Schlumberger's expected performance this year.

Early this month, when Russia invaded Ukraine, demonstrators gathered in front of Schlumberger’s headquarters in Sugar Land near Houston to demand that the world’s largest oilfield services corporation cease doing business in Russia, the Houston Chronicle reported