Mukesh Ambani, head of Reliance Industries, has found himself in the spotlight due to accusations made by Trump's administration related to a deal for Russian oil.
Contract with Rosneft and Trump's Allegations
Mukesh Ambani signed a 10-year contract with Rosneft for Russian oil. In response, Trump accused Ambani of large-scale oil arbitrage, suggesting that Indian conglomerates like Reliance are profiting from the conflict.
Economic Consequences: Profit and Tariffs
According to Kpler, between January and June 2025, Reliance imported 141.57 million barrels of Russian crude oil. Trump doubled tariffs on Indian energy product imports to 50%, creating additional hurdles for Ambani's business. As a result, Reliance amassed $16 billion in profits from selling refined oil.
Ambani's Global Ambitions and US Pressure
Aside from the oil sector, Reliance is actively investing in other areas such as retail and technology. However, pressure from the US threatens to undermine the company's global ambitions. In the face of a trade war, Ambani may encounter challenges that could weaken his economic standing.
Ambani finds himself in a challenging situation as his economic interests come under pressure from the US. This may lead to serious consequences for the Indian economy, which is based on large private corporations with close ties to the state.
