Indian firms yet to receive dividends worth $400 million from Russian oil projects

A worker walks atop a tanker wagon to check the freight level at an oil terminal. Credit: Reuters Photo

Dividends of as much as $400 million to 4 Indian companies for their stakes in Russian oil assets are stuck due to problems in payments triggered by Western sanctions over Moscow's invasion of Ukraine, a government source said on Saturday.

As a result of the sanctions, banking channels have not been available to repatriate the $300 million to $400 million in dividend payments since last year as Russia is out of the SWIFT global payment system, the source told reporters.

The affected companies are ONGC Videsh Ltd, Oil India, Bharat Petroleum Corp, and Indian Oil Corp, the source said.