Oil India's $300 million dividend from Russian fields stuck in Russian banks, chairman says

Oil India has been unable to transfer a $300 million dividend from its stakes in two Russian oil fields recently sanctioned by the United States, with the funds currently held in Russian banks, Chairman Ranjit Rath said on Tuesday.

The Indian state-run explorer, along with Indian Oil Corp and Bharat PetroResources, holds a 23.9% participating interest in JSC Vankorneft and a 29.9% stake in Tass Yuryakh Neftegazodobycha. The investments were made through Singapore-based special purpose vehicles.

The U.S. sanctions on these two entities have complicated fund transfers, with Oil India seeking legal opinion on the matter, according to Rath.