Mukesh Ambani, Asia’s top oil tycoon and someone unburdened by excess ideological concerns, has effectively turned Russia into his private oil source since 2022. His holding company, Reliance Industries, has purchased $33 billion worth of Russian oil, roughly 8% of all Russian oil exports. In 2021, that figure was a mere $85 million, but now Ambani is demonstrating how business can flourish even amid sanctions and high-level politics.
Reliance Industries was quick to emphasize that these purchases are purely a commercial decision, entirely unrelated to the ongoing conflict. It is a convenient stance, especially since few in the corporate world count their dollars as a political statement.
The only snag is that the US is now seriously considering adding Indian purchases of Russian oil to its trade negotiations. This means that tariffs could soon be on the table as Washington seeks some form of leverage, despite the questionable practical impact of such a move.
Efforts by the EU and the UK to raise the price cap on Russian oil exports have also achieved little. Indian buyers, enjoying their position, are demanding even bigger discounts and are not shy about threatening to divert oil to China if Moscow disagrees. In the end, Russia finds itself dealing in a bustling market, always able to find buyers with deep pockets, even in the era of sanctions and geopolitical showdowns.
The bottom line is simple: while Washington debates the best ways to penalize Russia, India’s richest man is steadily expanding his deals, bringing his business closer to the global oil elite.
