Baker Hughes Slumps as Russia Sales Suffer Amid Sanctions
- Shares fell nearly 11%, the biggest decline since March 2020
- Company struggling to move people, equipment into Russia
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Baker Hughes Co. tumbled by the most in two years after warning that sales in Russia would continue to erode amid sanctions on the warring nation.
The world’s No. 2 oilfield contractor has struggled to move people and equipment into Russia, one of the biggest oil-producing nations, executives said during a first-quarter earnings call.