Baker Hughes joins oil rivals in pausing Russian operations
ABC News
U.S. oil field services company Baker Hughes says it's suspending new investments for its Russia operations
NEW YORK -- U.S. oil field services company Baker Hughes said Saturday that it was suspending new investments for its Russia operations, a day after similar moves were announced by rivals Halliburton Co. and Schlumberger.
The steps from the Houston, Texas-based businesses come as they respond to U.S. sanctions over Russia's invasion of Ukraine.
In its statement, Baker Hughes, which also has headquarters in London, said the company is complying with applicable laws and sanctions as it fulfills current contractual obligations. It said the announcement follows an internal decision made with its board and shared with its top leadership team.
“The crisis in Ukraine is of grave concern, and we strongly support a diplomatic solution," said Lorenzo Simonelli, chairman and CEO of Baker Hughes.
