Russia's invasion of Ukraine recently prompted US oil service major Halliburton to announce plans to discontinue operations in the war-waging nation. Baker Hughes now follows suit shortly after and opts to suspend all company projects in Russia.

In a press statement, the group informs of scrapping all investments in Russia, adding that the oil service operator will continue to comply with all applicable sanctions while at the same time fulfilling contractual commitments.

“The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution," writes Lorenzo Simonelli, chair and chief executive of Baker Hughes, in a the media release:

“The health and safety of our employees, customers, partners, and their families always remains our top priority. We have been continuously monitoring the situation, and today’s announcement follows an internal decision made with our board of directors and communicated to our leadership team earlier this week."

Schlumberger, a third big US oil service company, has also decided to halt all company investments and technology development in Russia.

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