Mukesh Ambani, Asia’s richest man and Reliance Industries chairman, has emerged as a key beneficiary of India’s surge in discounted Russian crude imports—now central to rising trade tensions between New Delhi and Washington. Reliance’s Jamnagar refinery, the world’s largest single-site facility, processes 1.4 million barrels daily, with Russian oil making up nearly 30% of its supply.
India’s Russian oil purchases have soared to $140 billion since 2022, following Western sanctions on Moscow. In 2024, Reliance signed a 10-year deal with Rosneft for 500,000 barrels per day, rising to 700,000 in 2025. Analysts estimate $6 billion in extra profits for Reliance, part of $16 billion gained by Indian refiners.
Foreign Minister S. Jaishankar defends the imports as a “moral duty” to secure affordable energy, though critics say private refiners profit most by exporting refined fuels. Reliance attributes its strength to an integrated refining and petrochemical model.
Marking its 25th anniversary, Jamnagar unveiled green energy projects and even hosted global guests at a high-profile Ambani family celebration after receiving temporary airport status.
Tensions spiked after US President Donald Trump imposed 50% tariffs on Indian goods, accusing India of funding Russia’s war. As Modi stays silent, Reliance remains central to India’s energy strategy while balancing profitability, politics, and global scrutiny.
