India Energy Firms’ $400 Million Stuck in Russia, Official Says
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India’s energy companies are unable to reap dividends worth as much as $400 million from their assets in Russia, a senior oil ministry official said Saturday.
State-run companies such as ONGC Videsh Ltd have stakes in Russian oil and gas fields. But dividends from those assets are stuck because of a logjam in Russia’s banking channels and the country’s inability to pay in dollars amid US and EU sanctions.