OVL seeks legal advice after US sanctions oilfield with Indian stake

NEW DELHI: (Oct 26) ONGC Videsh Ltd has sought legal opinion after the United States imposed sanctions on a Russian oilfield in which a consortium of Indian companies holds a 49.9 per cent stake, sources said.

US President Donald Trump on October 22 announced new sanctions against two of Russia's largest oil companies, Rosneft and Lukoil, in a bid to pressure Moscow into ending its war with Ukraine.

As part of these, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated a number of Russia-based Rosneft and Lukoil subsidiaries in which they, directly or indirectly, held a 50 per cent or more stake.