Baker Hughes on Saturday confirmed it has suspended new investments for its Russia operations, while the company will continue to comply with applicable laws and sanctions as it fulfills its current contractual obligations, following Moscow's invasion of Ukraine.

“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 Baker Hughes chief executive Lorenzo Simonelli.

“The health and safety of our employees, customers, partners and their families always remain our top priority. We have been continuously monitoring the situation…,” said Simonelli, adding that Baker Hughes’ board last week had communicated its internal decision to Rexit to its leadership team.

New York-listed services giant Schlumberger the previous day declared it too would immediately suspend new investment and technology deployment to its Russia operations.

“We continue to actively monitor this dynamic situation and will fulfill any existing activity in full compliance with applicable international laws and sanctions,” said Schlumberger chief executive Olivier Le Peuch.

“We have watched with immense concern as the conflict in Ukraine has escalated. First and foremost, we are deeply focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and throughout the region.”

He said the company would continue to actively monitor this dynamic situation, while fulfilling any existing activity in full compliance with applicable international laws and sanctions.

“Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region,”​ said Le Peuch.