Congress Urges Tighter Sanctions on Russia's Oil Industry

A bipartisan group of over 50 U.S. lawmakers is urging the Biden administration to tighten sanctions on Russia's oilfield services industry, particularly targeting SLB (formerly Schlumberger), which imported $17.5 million worth of equipment into Russia between August and December 2023. This call follows a Financial Times investigation revealing that SLB has expanded its Russian operations, benefiting from the exit of Western competitors despite existing sanctions due to the invasion of Ukraine. The lawmakers argue that SLB's activities are directly financing Vladimir Putin's military efforts. The U.S. Treasury Department has stated its commitment to reducing Kremlin revenues, while SLB has faced sanctions in the past for violations related to operations in Iran, Sudan, and Russia. The Congress's demands highlight concerns about the effectiveness of current sanctions and emphasize the need for stronger measures to support Ukraine. The Treasury has reiterated its enforcement stance against any new investments in Russia by U.S. firms.