Economics
Sanctions Don’t Bar Oil-Service Giants Bidding in Arctic
Valve control wheels are seen on pipework near gas well site at Bovanenkovo gas field, Yamalo-Nenetsky region, Russia, on Tuesday, Oct. 23, 2012.
Photographer: Alexander Zemlianichenko Jr/BloombergThis article is for subscribers only.
U.S. and European suppliers to the oil industry are still able to seek work in Russia’s Arctic despite sanctions designed to limit their involvement because the rules don’t apply to foreign subsidiaries.
Schlumberger Ltd., based in Houston and the world’s largest oil services company, and Baker Hughes Inc. have used units based outside the U.S. to bid for business in Russia’s Arctic, according to a Russian government website. Offshore projects in the Arctic are among those targeted by U.S. and European sanctions against Russia’s oil industry.