India’s vitality firms are unable to reap dividends price as a lot as $400 million from their belongings in Russia, a senior oil ministry official mentioned Saturday.
State-run firms resembling ONGC Videsh Ltd have stakes in Russian oil and fuel fields. However dividends from these belongings are caught due to a logjam in Russia’s banking channels and the nation’s incapability to pay in {dollars} amid US and EU sanctions.
Individually, India has additionally confronted challenges in shopping for Russian crude above the worth cap. India will discover methods to pay, although, mentioned the official, who requested to not be named because of the sensitivity of the matter.
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ONGC Videsh’s oil and fuel output is anticipated to return to development this yr after operations ramped again up at Sakhalin-1, a challenge caught up within the fallout from Russia’s struggle in Ukraine, Bloomberg Information reported beforehand.
