4 Indian Firms' Dividends From Russian Oil Projects Stuck

Total four Indian oil firms are yet to receive dividends of as much as $400 million for their stake in Russian oil assets as per a Reuters report. The firms affected are ONGC Videsh Ltd, Oil India, Bharat Petroleum Corp, and Indian Oil Corp, the source said.

The dividends are not paid because Russian oil assets are stuck due to problems in payments triggered by Western sanctions over Moscow's invasion of Ukraine, a government source said on Saturday.

As per the report, due to the sanctions, banking channels have not been available to repatriate the $300 million to $400 million in dividend payments since last year as Russia is out of the SWIFT global payment system, the source told reporters.