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Dividends of as much as $400 million to four 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.
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