oil and gas companies in India lost more than $400 million in dividends from assets in Russia – Kommersant

Energy companies in India cannot receive dividends from their assets in Russia worth more than $400 million, writes Bloomberg with reference to an official of the Indian Ministry of Finance.

According to Bloomberg, a number of Indian companies, including ONGC Videsh Limited, have stakes in Russian oil and gas fields. However, receiving dividends from these assets is difficult due to sanctions restrictions on banks in Russia, as well as Russia’s unwillingness to pay in dollars.

In addition, the agency’s source said that India faced difficulties due to the purchase of Russian oil at a price above the established ceiling. At the same time, the source believes that “India will find a way to pay” for the supplies.

Officially, India has not joined the restrictions that set a ceiling on the price of Russian oil, reported sources in the Ministry of Finance of the country. At the same time, on April 27, the Mint newspaper, citing sources claimedthat the State Bank of India is checking the work of Indian oil companies Indian Oil Corp., Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd. on the subject of circumventing sanctions against Russia, including the cost of oil exports.

Lusine Balasyan