Indian petroleum companies: Dividend of Rs 2500 crore stuck in Russia due to ban, considering options to withdraw.

Due to the sanctions imposed on Moscow after the attack on Ukraine, dividends of Indian petroleum companies worth about Rs 2,500 crore have been stuck in Russia. State-owned petroleum companies have invested $5.46 billion to buy stakes in four different assets in Russia, a senior official said

Indian companies get dividends on the profit from the operations of these oil and gas fields. But, due to the economic sanctions imposed after Russia’s attack on Ukraine last year, Indian petroleum companies have not been able to get this dividend till now. Oil India Ltd. Ltd. Chairman and MD Ranjit Rath said, “We used to get dividend income from these projects continuously. But, due to the ban on Russian banks, this time it is lying in Russia’s bank accounts only.

Consider withdrawal options

The companies whose dividend income is stuck in Russia include Oil India, Indian Oil and Bharat Petroresources Ltd. Are included. ONGC Videsh Ltd. is expected to get almost the same dividend. Oil India Ltd. “Options are being considered to bring this dividend income from Russia,” the head said.