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

Indian corporations with stakes in Russian property are unable to repatriate 8 billion roubles in dividends

New Delhi:

Indian corporations with stakes in two Russian property are unable to repatriate 8 billion roubles ($125.49 million) in dividends as a consequence of powerful western sanctions, an official at Oil India Ltd mentioned on Friday.

A consortium comprising Oil India, Indian Oil Corp and Bharat Petroleum Corp personal 23.9 per cent of Russia’s Vankorneft oil challenge 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,” mentioned Harish Madhav, head of finance at Oil India, at a press convention to announce the corporate’s quarterly earnings.

European nations and the United States have imposed heavy sanctions on Russia since Moscow despatched troops into Ukraine on February 24, however India has not explicitly condemned the motion.

State-run Oil India’s web revenue within the March quarter surged 92.32 per cent to 16.30 billion rupees ($210.20 million) as crude costs rose.

Oil India Chairman S C Mishra mentioned the central authorities was “reviewing” the exit of corporations from Russia and a consortium of Indian corporations might think about shopping for stakes in these property. “So far there is no aggressive approach from us,” he added.

Reuters final month reported that India requested state-run vitality corporations to guage the potential for shopping for Russian oil and fuel property shunned by BP and Exxon Mobile Corp in Russia.

Shell can be in talks with Indian corporations to promote its stake in a significant liquefied pure fuel plant in Russia, sources informed Reuters.

India’s largest fuel transmitter GAIL India Limited is open to purchasing distressed Russian oil and fuel property if the deal makes business sense, its chairman mentioned earlier on Friday.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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