Indian oil companies’ dividends totalling up to $400 million from Russian projects stuck

Dividends totaling $300 million to $400 million payable to Indian oil companies from their investments in Russian oil and gas projects are stuck due to payment channel-related issues in the aftermath of Russia’s invasion of Ukraine in February 2022, a top government official said. Four public sector oil and gas companies –ONGC Videsh, Oil India, Indian Oil Corporation, and Bharat PetroResources — have stakes in various oil and gas projects in Russia. These projects include Sakhalin-1, Vankor, and Taas-Yuryakh.

Soon after the war in Ukraine broke out, several major Russian banks were banned from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial transaction processing system,