The war between Russia and Ukraine in Eastern Europe has been going on for more than a year. This war has affected the whole world a lot, especially a big change is being seen in the oil and petroleum market. Countries like India and China have benefited from the crude oil they are getting from Russia at a discount. On the other hand, due to the strict economic sanctions imposed by the US and allied countries on Russia, many parties are suffering losses, including some Indian companies.
According to a report by news agency PTI, around Rs 2,500 crore of Indian petroleum companies are stuck in Russia due to the sanctions imposed after Russia’s attack on Ukraine. Indian companies have earned this in the form of dividends. Due to the economic sanctions imposed on Russia, it is not possible to transfer this income to India. In such a situation, they are lying in the bank account in Russia. 5.46 billion dollars have been invested. Indian companies get dividends on the profit from the operation of these oil and gas fields, but due to the economic sanctions imposed after Russia’s attack on Ukraine last year, Indian petroleum companies have not been able to get this dividend till now.
Russian banks are out of SWIFT
Ranjit Rath, Chairman and Managing Director of Oil India Limited, said that these projects used to earn continuously in the form of dividends, but This time it is lying in Russia’s bank accounts only. The reason for this is that Russian banks have been banned from SWIFT, the global system of money transactions. Apart from this, the Russian government has also imposed restrictions on payment in dollars. Dividend income of about Rs 2,500 crore is stuck. The companies whose money is stuck include Oil India, Indian Oil and Bharat Petroresources Limited. Bharat Petroresources Limited, Bharat Petroleum Corporation Ltd. is the unit of. ONGC Videsh Limited is also expected to get almost the same dividend. Indian companies are looking at various ways to bring this money stuck in Russia.
These major changes due to the war
Russia attacked Ukraine in February last year Was. Since then, a face-to-face fight is going on between the two countries, but even after almost 15 months have passed, the war is not in a decisive position. Ukraine is getting direct support from many western countries including America. America and many of its allies have imposed tough economic sanctions on Russia for attacking Ukraine. The purpose of these sanctions is to isolate Russia economically. As a result of these efforts, many European countries like Germany have reduced the purchase of fuel from Russia, which has traditionally depended on Russia for fuel needs. To counter this, Russia is selling at a discount to big energy consumers like India and China.
