Public sector company Oil India has been unable to transfer a $300 million dividend from its investment in Russian oil companies, according to a recent report by Reuters. As per the report, the Indian state-owned company has a stake in Russian oil fields, which were recently sanctioned by the United States.

The reports say that Oil India’s funds earned through dividends are currently held in a Russian bank, and it is unable to transfer those funds due to US sanctions, the company’s Chairman Ranjit Rath said to Reuters. According to the international news agency, he also added that the company is seeking legal opinion in the matter.

According to Reuters, Oil India, along with Indian Oil Corporation and Bharat PetroResources, holds a 23.9 per cent participating interest in Russia’s JSC V

See Full Page