Overview
- Industry estimates place nearly $1.4 billion of dividends from Indian state oil stakes stuck in Russia since 2022 due to payment-channel curbs and capital controls.
- About $1 billion of the stranded funds are tied to the IOC–OIL–BPRL consortium, with roughly $400 million linked to ONGC Videsh, according to The Indian Express.
- The dividends are credited in roubles to Moscow accounts understood to be at Commercial Indo Bank, with no effective route to repatriate or deploy them in bilateral trade.
- Companies cite limited options such as using balances for payments within Russia or project capex, while new Russian investments are off the table and cross-payments face sanction and SPV-jurisdiction hurdles.
- Oil India reports receiving $942 million from its Russian assets, has about $330 million still stuck, expects full recovery in the coming year, notes no impact from US tariffs, and plans drilling to begin within a year.