Bank curbs hit ONGC's plans to gain 20% stake in Russia oilfield

ONGC, hindered by banking restrictions, faces challenges in paying its share to the abandonment fund for Russia's Sakhalin-1 field, obstructing its efforts to regain a 20% stake in the oilfield. Banking constraints prevent the repatriation of dividends from another Russian field, Vankor, leaving funds inaccessible outside Russia. ONGC Videsh, ONGC's subsidiary, aims to transfer the abandonment fund, necessary for project closure and environmental safety, but discussions with Russian authorities seek alternatives amid banking limitations.