Baker Hughes to sell Russian business to executives 2022

MOSCOW, Aug 1 (PRIME) -- U.S. Baker Hughes plans to sell its Russian business to the local executives until the end of 2022 and has already signed the agreement, the company said in a statement on Monday.

"Baker Hughes has signed an agreement to sell its Oilfield Services business in Russia to its local management team. The agreement follows on the Company’s previously announced suspension of new investments for its Russia operations and commitment to comply with applicable laws and sanctions," the company said.

The business will operate independently and under a different brand. The deal may be closed in July–December 2022 if approved by Russian authorities.

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