India's Richest Man Caught in US Trade Fury with Russia

Billionaire Mukesh Ambani, India's richest man and owner of Reliance Industries, is caught in a trade dispute with the US. Trump's administration has criticized Ambani's oil refining giant for buying Russian crude, accusing him of war profiteering. Despite negative sentiment, Reliance's stock has remained unfazed and the company is not expected to change its buying patterns.

India's richest man, Mukesh Ambani, and his oil refining giant, Reliance Industries, have found themselves at the center of a trade dispute with the United States. The Trump administration has criticized Ambani's company for buying Russian crude oil, accusing it of war profiteering [1]. Despite the negative sentiment, Reliance's stock has remained relatively unfazed, and the company is not expected to alter its buying patterns.

The US Treasury Secretary, Scott Bessent, has been particularly vocal in his criticism. He accused Ambani and other Indian business elites of benefiting from the sanctions regime by purchasing Russian crude oil. Bessent argued that India's purchases of Russian crude, which have risen from less than 1% to 42% of its total imports, are a form of profiteering [1]. He also mentioned that India has made $16 billion on excess profits, suggesting that Ambani and his peers are taking advantage of the situation.

However, India's position is that it has been buying oil from the cheapest available source to ensure energy security, especially given the global inflation and supply chain disruptions. Moreover, Reliance and other refiners have been buying Russian crude under legitimate long-term contracts, which are then refined into petroleum products and re-exported, contributing to global supply stability [1].

The stock market's reaction to these accusations has been relatively muted. Reliance Industries' stock has remained steady, indicating that investors are not overly concerned about the trade dispute. This suggests that the company's business model and strategic positioning are seen as resilient to such external pressures.

The ongoing trade dispute highlights the complexities of international trade and the delicate balance between national interests and global economic stability. As India continues to grow as one of the world's fastest-growing economies, such disputes may become more frequent. However, the resilience shown by Reliance Industries in the face of these challenges underscores its strength and the confidence investors have in its long-term prospects.

References:

[1] https://www.opindia.com/2025/08/us-treasury-secretary-asim-munir-rahul-gandhi-aligned-to-target-mukesh-ambani-undermine-indias-growth-story/