Indian oil companies are considering using around $600 million of their dividend income from Russia to buy oil from the country. Due to tough Western sanctions following Russia s invasion of Ukraine, the companies have been unable to repatriate their dividend income. One option being explored is loaning the money to entities buying oil from Russia, who would then repay the loan in India. Indian state oil firms have invested $5.46 billion in buying stakes in four different assets in Russia, making Russia the top crude oil supplier to India.
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Indian state oil firms have invested $5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in the Vankorneft oil and gas field and another 29.9 per cent in the TAAS-Yuryakh Neftegazodobycha fields.
Indian state oil firms have invested USD 5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in the Vankorneft oil and gas field and another 29.9 per cent in the TAAS-Yuryakh Neftegazodobycha fields.
The oil companies whose dividends are stuck in Russia are ONGC Videsh, Oil India, Indian Oil Corporation and Bharat PetroResources. The money is understood to be parked in the Commercial Indo Bank.