The U.S. oilfield services corporation Halliburton announced Friday it has fully exited the Russian market in response to the invasion of Ukraine.
The corporation, one of the world’s largest energy product and service suppliers, said it sold its Russian operations to a Russia-based management team composed of former Halliburton employees.
“The Russia-based management team now owns and operates Halliburton’s former business and assets in Russia under the name BurService LLC, which is independent from Halliburton,” the multinational said in a statement.
Halliburton did not disclose the terms of the sale. Its Russian assets were valued at $340 million prior to the exit.
According to the RBC news website, BurService is 95% owned by former Halliburton subsidiary Upstream Service as of Thursday.
Halliburton in March suspended future business and promised a wind-down of operations in Russia after cutting shipments of sanctioned parts and products to the country.
Its Russian contracts ended on May 15 to comply with U.S. and EU sanctions.
Halliburton warned in April that the Russian government could seize its $340 million assets and charge its earnings over its withdrawal from the market.
The corporation manufactured well drilling equipment and provided pipeline and oil terminal maintenance services as well as IT solutions for Russian energy companies including Rosneft, Gazprom Neft and Lukoil.
Since Moscow’s invasion of Ukraine in February, major Western energy companies have suspended operations or announced exit plans after expanding their presence in Russia in previous years.
The United States and its Western allies have imposed bans on providing oil technology to Russia or importing energy products from Russia in retaliation for the Ukraine invasion.