Weatherford grows Russian operations despite US sanctions

Weatherford International is growing its operations in Russia, even as President Donald Trump’s White House sanctions try to block American oilfield companies from doing just that.

The Houston-based oil services company made 7% of its $2.4 billion revenue from Russia in the first half of 2025. That’s up from 5% the year before, despite new U.S. sanctions rolled out in February.

Weatherford’s Russian operations held $332 million in cash and other assets at the end of June 2025. That number was $233 million at the end of 2024. Since the latest sanctions were announced, the company has published around 100 job listings in Russia.

Weatherford had said in an SEC filing last month it was “closely monitoring and evaluating developments in Russia, “as well as any changes in international laws and sanctions.”

Corporate filings by Weatherford’s Russian unit show it has increased its workforce since the full-scale invasion of Ukraine by 9 per cent, reaching 2,382 employees in 2024.

Halliburton and Baker Hughes quit Russia, Weatherford doubles down

Two major U.S. competitors, Baker Hughes and Halliburton, shut down their Russia operations after the 2022 invasion of Ukraine. They handed over their businesses to local managers and exited completely. Another big player, SLB (formerly Schlumberger), chose to stay.

The Texas-based company is still active in Russia, employing thousands of people. Unlike SLB though, Weatherford has been steadily expanding, even as Washington tries to stop U.S. companies from fueling Russia’s oil-driven economy.

These sanctions were written during the final weeks of the Biden administration and enforced by Trump after returning to office. They ban any U.S. services related to oil extraction or production in Russia. Trump’s Treasury Department also placed sanctions on more than 30 Russia-based oilfield service companies, targeting Russia’s largest export sector.

Pressure to go harder on oil companies came from Capitol Hill. A group of over 50 lawmakers from both parties demanded action, calling for tighter restrictions to stop companies like SLB from continuing operations in Russia.

One of the key voices was Representative Lloyd Doggett, a Democrat from Texas, who said he was frustrated that some firms were still active despite the ban. “As Putin kills more and more Ukrainian civilians each day, these US-based oil companies have blood on their hands by helping to finance ongoing death and destruction,” Doggett told the Financial Times. He also said Trump needed to stop “practising appeasement.”

Trump met with Vladimir Putin in Alaska last Friday for closed-door talks about ending the war in Ukraine. Ukrainian President Volodymyr Zelenskiy wasn’t invited. He later told reporters in Kyiv that he was still open to a one-on-one meeting with Putin but wasn’t sure if the Kremlin was ready. “I responded immediately to the proposal for a bilateral meeting: we are ready. But what if the Russians are not ready?” Zelenskiy said in a press briefing.

He also said Washington should deliver a “strong reaction” if Putin refused to engage directly. Trump admitted Putin might not be willing to negotiate but hasn’t confirmed whether Zelenskiy would be included in any future meetings.

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