Oil India, Indian Oil Corporation, BPCL and ONGC have participating interests in multiple oil and gas projects in Russia from which they earn dividends periodically. Companies have been receiving dividends but have been unable to transfer them out of Russia since February 2022 due to the banking restrictions in the wake of the Ukraine war and the Western sanctions on Moscow.
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State-run Oil India is seeking ways to repatriate its $150 million dividends from Russia through legal and diplomatic channels. Indian Oil Corporation, BPCL, and ONGC also have dividends stuck in Russia due to banking restrictions and western sanctions.