India's Oil and Natural Gas Corp will pay into Russia's Sakhalin-1 oil and gas field abandonment fund in roubles, using Indian companies' frozen dividends to retain its 20% stake in the project, three sources familiar with the matter said.

India's state-run ONGC is set to keep its 20% stake in the Russian Sakhalin-1 oil project after being allowed to pay its required abandonment fund contribution in rubles using its previously frozen dividends.

With U.S. and Western restrictions tightening, India is pulling its Russian oil purchases down to a three-year low this December. Banks have become cautious, and Indian companies are feeling the heat.

India's Russian oil imports set to hit a three-year low in December due to tighter sanctions—read how refiners are adapting.

Nepal and India discuss aviation fuel supply via pipeline in upcoming New Delhi meeting to enhance oil cooperation.

NEW DELHI, Dec 2 (Reuters) - India's imports of Russian oil may decline for only "a brief period" as Moscow plans to boost supplies, using sophisticated technology to avert the impact of Western sanctions, Kremlin spokesperson Dmitry Peskov said on Tuesday.

IOCL board will meet on December 12 to consider and approve a proposal for an interim dividend. This will be first interim dividend of the current financial year and second after bonus issue.