Ranjit Rath, Chairman and Managing Director of Oil India Limited. File
| Photo Credit: ANI
Oil India Limited Chairman Ranjit Rath said that there is no impact on Russian assets despite the Ukraine drone attack on the Russian oil refinery on Thursday (September 18, 2025), dividends unaffected.
“So far there has been absolutely no impact to our Russian assets and dividends are coming in as business as usual,” stated Chairman and Managing Director of state-owned exploration company Oil India Limited Ranjith Rath in response to The Hindu’s query about a potential impact in light of Ukraine’s attack.
“As far as production, or our exploration ambitions in the country are involved, we do not foresee any issues,” he stated.
Kyiv on Sunday (September 14, 2025) launched a large-scale drone attack on Russia’s northwestern region housing their vast Kirishi oil refinery, as the two nations have recurrently failed to reach an impasse on ending the two-year-long war, despite mediation from multiple world powers including the U.S. and Europe.
OIL India has three assets in the country, which it is operating in joint ventures with multiple partners, including Russian major Rosneft and PetroNeft Resources, among other partners, including Indian downstream peers’ offshore units.
Elaborating on his assertion about no impact, the Oil India chief stated, “As far as our exploration ambitions are concerned, we are currently conducting seismic activities in the region. Drilling activities will happen one year down the line.”
$300 million in dividends stuck
Responding to a related question, the Oil India chief informed that OIL’s share of $300 million in dividends is lying in Moscow. Speaking separately to The Hindu on the condition of anonymity, a senior executive said it was lying in an SBI-subsidiary in Moscow and was “absolutely safe”.
“All dividends accruing to us are deposited there and are absolutely safe,” he stated, adding, “OIL, our partners and the government is working together to ensure the funds can be transferred soon.”
The funds find themselves owing due to multiple sanctions on Russia in transferring money payments and maintaining accounts following its actions in Ukraine, which started in 2022.
Published – September 19, 2025 04:45 am IST
