Rs 1,000 crore income of Indian oil companies stuck in Russia over Moscow’s dollar curbs
NEW DELHI: Dividend income of about 8 billion roubles (about Rs 1,000 crore) from investments of over $5 billion made in two Russian oil fields by a consortium of Indian state-run oil companies remain stuck after Moscow restricted dollar repatriation due to excessive currency volatility following the conflict with Ukraine.
“The Indian consortium has been receiving dividend from the Vankor Cluster and Taas-Yuryakh fields. Except a small amount retained in Russia for local needs, we have been repatriating the dividend. But after the situation with Ukraine, about 8 billion roubles are stuck due to wide exchange rate fluctuation and restriction on dollar repatriation. It is not a big amount,” Harish Madhav, director (finance) of Oil India Ltd, one of the consortium partners, said.
The company’s net profit spiked 123% to Rs 3,887 crore in 2021-22 on the back of higher oil and gas prices.
