MOSCOW (Pakistan Point News / Sputnik - 29th March, 2022) Canadian oilfield services company Calfrac Well Services announced that the company would suspend all its investments in Russia amid the special operation in Ukraine.
"Calfrac Well Services Ltd. announces the suspension of any investments in the Russian Federation as the Company meets its contractual obligations in strict compliance with all applicable laws and sanctions," the company said in a statement on the website.
Calfrac Well Services said it had canceled all planned shipments of parts and equipment into Russia in light of the situation in Ukraine.
Earlier this month, other major oil service companies such as Schlumberger, Halliburton and Baker Hughes also announced the suspension of new investments in Russia. In response to these measures, Russian Deputy Prime Minister Alexander Novak said that the government would ensure the continued production of oil in the country.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian provocations. In response to Russia's operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow, which includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media, and financial institutions. Some foreign companies have decided to leave Russia altogether.
