HOUSTON (Realist English). U.S. oilfield services group Weatherford International has deepened its presence in Russia despite sweeping sanctions aimed at cutting off petrodollar flows to Moscow.
The Houston-based company generated 7 per cent of its $2.4bn global revenue in Russia in the first half of 2025, up from 5 per cent a year earlier, according to securities filings. At the end of June, Weatherford reported $332mn in cash and other assets in Russia, compared with $233mn at the close of 2024.
An analysis by the Financial Times found around 100 job postings by Weatherford in Russia since late February, when new U.S. restrictions targeting American oilfield service providers came into force. Its Russian subsidiary has expanded its workforce by 9 per cent since the start of the conflict, reaching nearly 2,400 employees last year.
Rival U.S. groups Baker Hughes and Halliburton sold their Russian businesses after the 2022 invasion, while Texas-based SLB — formerly Schlumberger — continues to operate there, employing thousands. SLB has also posted nearly 400 new jobs in Russia since February.
The sanctions, first drafted under the Biden administration and later enforced by President Donald Trump, bar U.S. companies from providing services related to oil extraction and production in Russia. Washington also blacklisted more than 30 local service providers.
Critics in Congress accuse American companies of exploiting loopholes. “As Putin kills more civilians each day, these U.S.-based oil companies have blood on their hands by helping to finance ongoing death and destruction,” said Texas Democratic congressman Lloyd Doggett, who co-authored a letter demanding stricter enforcement.
Legal experts say firms may be attempting to ringfence Russian units as autonomous entities staffed by locals, with profits reinvested domestically. “A single email sent to a U.S. person can result in a violation,” warned Jeremy Paner, partner at Hughes Hubbard & Reed.
Corporate filings show Weatherford’s Russian unit boosted gross profit by 61 per cent from 2022 to 2024, reaching ₽9.44bn ($118mn), while revenue climbed nearly 30 per cent to ₽25.7bn. Growth was led by services, including maintenance of power supply systems, cementing operations, and equipment installation.
Weatherford declined to comment, while the U.S. Treasury said it takes alleged sanctions violations “extremely seriously.”
