Russia received millions of dollars worth of equipment from US companies to keep its oil trade afloat after the invasion of Ukraine, report says
- Russia received over $200 million worth of equipment from US oil firms in the year following its invasion of Ukraine, the AP said.
- Those sales helped keep Russian oil and gas flowing to the global market, the report said.
Russia took in millions of dollars worth of equipment from American firms in the year following its invasion of Ukraine, according to a report from the Associated Press.
Russia purchased 5,500 items from the top five American oilfield services providers, the AP reported on Tuesday, citing data from the coalition B4Ukraine.
That amounts to over $200 million worth of equipment received from US firms. The top three firms accounted for most of that, including Baker Hughes, which exported around $121 million to Russia; SLB, which exported around $60 million in equipment; and Halliburton, which exported $20 million in equipment.
Those sales helped keep Russian oil and gas flowing to the global energy market even as the West cut business ties with the Kremlin and in December imposed strict sanctions on Russian oil.
Baker Hughes and Halliburton shut down their Russian operations several months after the invasion. SLB continued to do business there and only last week began halting shipments to the country but still has workers in Russia.
An SLB spokesperson said its sales to Russia were not an endorsement of Russia's war against Ukraine. SLB also told AP that it voluntarily curbed some activity after the invasion while providing certain products "where permitted by evolving international sanctions."
Russia has made it even harder for foreign firms to leave, with the Kremlin mandating an exit tax and a steep discount for any companies trying to sell their local operations to exit the country.
Recently, Russia seized the assets of two corporate giants that had been in the process of exiting – another escalation in Moscow's economic war with the West.