Indian firms’ dividends from Russian oil projects stuck

Dividends of as much as $400 million to four Indian companies for their stakes in 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 a result of 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.