OVL may hold Russia assets via new arm in GIFT City

State-run ONGC Videsh Ltd (OVL) may incorporate a subsidiary in the GIFT International Financial Services Centre in Gujarat soon to hold its Russian oil assets.

The move follows the inability of OVL’s Singapore holding arm to receive dividends from the oil assets due to the sanctions on Russia. Including Russia, OVL owns Participating Interests in 32 oil and gas assets in 15 countries.

OVL did not respond to email queries sent to the company.