Baker Hughes has announced that it has halted its new investments for its operations in Russia due to its invasion of Ukraine.

This decision came in line with its commitment to the applicable laws and sanctions as it fulfills current contractual obligations.

“The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution. We condemn violence and our hearts go out to the people and families of those impacted,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes.

“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. We remain committed to act in full compliance, ”Simonelli added.

Prior to Baker Hughes, a lot of companies had taken similar decisions including bp, Equinor, Shell, ExxonMobil, Wintershall Dea, and TotalEnergies responding to the sanctions imposed on Russia in opposition to its aggression against Ukraine.