US oilfield services group Weatherford International is expanding its Russia business despite strict new sanctions designed to curb the flow of petrodollars crucial to President Vladimir Putin’s war chest.
The Houston-based company generated 7 per cent of its $2.4bn revenue in the first six months of the year in Russia, up from 5 per cent a year earlier. Its operations in the country included $332mn in cash and other assets at the end of June, compared with $233mn at the end of 2024, according to an analysis of securities filings.
The Financial Times has identified about 100 job adverts posted by Weatherford in Russia since late February, when the new US sanctions designed to crack down on American oilfield services companies operating in Russia took effect.