Halliburton leaves Russia in latest blow to Putin's oil-based economy: report
Russia's President Vladimir Putin speaks at a Security Council meeting at the Kremlin, on March 28, 2014 [AFP]

Oil field service company Halliburton announced on Friday it was winding down its business in Russia in response to Vladimir Putin's invasion of Ukraine.

"Halliburton Company (NYSE: HAL) today announced it immediately suspended future business in Russia as the Company complies with sanctions that prohibit transactions and work, including for certain state-owned Russian customers. Halliburton will prioritize safety and reliability as we wind down our remaining operations in Russia," the company announced. "Several weeks ago, the Company halted all shipments of specific sanctioned parts and products to Russia. Halliburton has no active joint ventures there."

Halliburton Chairman, President and CEO Jeff Miller cited the war in a statement.

“The war in Ukraine deeply saddens us. We have employees in both Ukraine and Russia, and the conflict greatly impacts our people, their families, and loved ones throughout the region,” said Miller. “Since the start of this conflict, we prioritized employee safety and compliance with all relevant sanctions.”

According to The Wall Street Journal, "the services companies' business in Russia has primarily been with U.S. and European oil majors working there, the firm said. Several of those, including Exxon Mobil Corp. and Shell PLC, have said they would withdraw from the country."

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