In response to Russia’s invasion of Ukraine, Western governments have sought to limit Russia’s oil revenues through a price cap.
Switzerland (which has joined the oil sanctions) was previously the main hub for companies trading Russian oil. Now companies linked to the Swiss ones have set themselves up in the United Arab Emirates and Hong Kong, from where they continue to trade Russian oil outside the sanctions.
Some support-services companies in the oil sector, including SLB (formerly Schlumberger), have remained in Russia since the invasion and remained commercially active. SLB has expanded its operations there.
Western companies that have profited from Russian oil drilling and exports since Russia’s invasion of Ukraine should be publicly identified and encouraged to financially contribute to Ukraine’s reconstruction.