Indian Oil Companies' Dividend Worth $125.5 Million Stuck in Russia Due To Sanctions
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Indian Oil Companies' Dividend Worth $125.5 Million Stuck in Russia Due To Sanctions

newsdesk |
May 28, 2022

Indian companies with stakes in two Russian assets are unable to repatriate 8 billion roubles ($125.49 million) in dividends due to tough western sanctions, an official at Oil India Ltd said on Friday.


New Delhi, 28 May 2022

As per news report of NDTV, A consortium comprising Oil India, Indian Oil Corp and Bharat Petroleum Corp own 23.9 per cent of Russia's Vankorneft oil project and 29.9 per cent of the Tass-Yuryakh oilfield in east Siberia. A dividend is paid quarterly for Tass-Yuryakh and half yearly for Vankor fields. "Our dividend is lying in Russian banks and we cannot get it because of problems in swift clearance and other issues," said Harish Madhav, head of finance at Oil India, at a press conference to announce the company's quarterly earnings. European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on February 24, but India has not explicitly condemned the action. State-run Oil India's net profit in the March quarter surged 92.32 per cent to 16.30 billion rupees ($210.20 million) as crude prices rose.

Source -NDTV

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