India’s public sector oil companies want their stuck dividend income from their Russian investments, piling up in their bank accounts in that country, to be used for India’s oil purchases from Moscow, and are exploring all legal options with regard to that, sources with direct knowledge of the matter said.
A total of nearly $600 million in dividend payments paid to ONGC Videsh (OVL), Oil India (OIL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation (BPCL) arm Bharat PetroResources are stuck in their bank accounts in Russia due to payment channel-related restrictions in the aftermath of Russia’s February 2022 invasion of Ukraine. The issue has been taken up by Indian companies with their Russian partners over the past few months. It has also featured in government-to-government discussions between New Delhi and Moscow.
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