Oil Diplomacy: ONGC Videsh Navigates Sanctions for Russian and Venezuelan Dues

ONGC Videsh, the international wing of India's Oil and Natural Gas Corporation, remains optimistic about retrieving a substantial amount of funds tied up in Russia and Venezuela. According to a senior official, the opening of new banking channels and potential sanctions waivers could facilitate the recovery of these outstanding dues.

The company has approximately USD 350 million in dividend income held up in Russia and another USD 600 million in Venezuela due to Western sanctions. OVL, investing heavily in oil assets overseas, finds itself challenged by restrictions that impede the repatriation of funds. However, ongoing discussions aim to resolve these issues amidst increasing diplomatic efforts.

The sanctions followed Russia's invasion of Ukraine and geopolitical tensions have complicated financial transactions. Nevertheless, ONGC Videsh's strategic investments in oil-rich regions continue, and its commitment to securing economically viable resources remains unwavering in the face of international obstacles.

(With inputs from agencies.)