MUMBAI: ONGC Videsh Ltd is utilising dividend income of “less than $100 million”, which is stuck in Russia due to western banking sanctions, to meet local and statutory expenses.
“It is business as usual… OVL’s share (in the stuck dividend) is less than $100 million. The money is deposited in banks there and we can use it for opex, capex or meeting other statutory expenses,” company managing director Rajarshi Gupta said on Monday.
An estimated $300 million in dividend income of Indian oil companies, including ONGC Videsh, remains stuck in Russia due to western sanctions slapped after Moscow’s invasion of Ukraine.
