10:35 ▪ 5 min read
Get informed
Which friend will Donald Trump not betray with the powers at his disposal? Elon Musk has already suffered the consequences, a victim of an abrupt turn. Today it is Mukesh Ambani who faces the consequences of the policies of the current U.S. president. Reliance Industries, the emblem of Indian capitalism and Modi's economic arm, is at the center of a geopolitical storm. Accused by the United States of large-scale 'oil arbitrage', Ambani now embodies an uncomfortable figure in the economic war unleashed by Trump.
In summary
Mukesh Ambani signed a 10-year contract with Rosneft for Russian oil.
Trump accuses Ambani of economic arbitrage by reselling refined oil to Europe.
Reliance represents the Indian economy but suffers from a trade war led by Trump.
Washington has doubled tariffs on Indian imports of energy products.
When Ambani embodies patriotic capitalism in the forging of India
Mukesh Ambani, author of a cryptocurrency project on Polygon, is not an outsider. He represents a winning national economy, a pillar of Modi's project. Reliance, its refineries, its omnipresence in distribution and telecommunications: everything is aligned with the dream of a powerful India. However, Trump decided that this dream was suspicious, claiming that Indian conglomerates, including Reliance, were benefiting from the war.
Advisor Peter Navarro and Treasury Secretary Scott Bessent did not hold back, denouncing 'politically connected energy titans' who benefit from the war. And Ambani is the target.
According to Kpler, between January and June 2025, Reliance imported 141.57 million barrels of Russian crude oil through a ten-year contract with Rosneft. Due to economic necessity, Trump responds by doubling tariffs on that oil, to 50%.
Ambani has become the symbol of an uncomfortable public-private partnership in the current geopolitical game.
Oil arbitrage: $16 billion in profits... and a thunder in the global economy
The word hits hard: $16 billion in 'excessive profits' — according to Bessent — would have been obtained thanks to the purchase of Russian oil at low prices, resold as a refined product in the global market. Reliance, backed by Nayara Energy, exported $60 billion in petroleum products in 2024-2025, of which $15 billion went to the European Union in just six months.
Reliance paid for Russian oil at an average of $71.47 per barrel, compared to $75.5 for Saudi Arabia: a saving of $4 per barrel at the refineries; only in the first and second quarters of 2025, this represents a considerable margin. It was this logic of 'Indian arbitrage' that Trump criticized, accusing these beneficiaries of pulling the strings of an economy in full geopolitical chaos.
Ambani was not off the radar: the Indian government did not respond officially, but a close source claims that behind the scenes, these accusations are seen as 'political theater'. Reliance plans to continue diversifying its supplies without losing caution.
Global ambitions tested by economic diplomacy... and Trump
Reliance is not just petrochemical: it invests in retail, telecommunications (Jio), technology. Meta is already a partner of its digital arm. But today, these global ambitions clash with tension with the United States. Ambani has few overseas assets, except for a stake in the Mandarin Oriental in New York.
However, they threaten financial sanctions or restrictions on access to U.S. markets. And in the geopolitical duel, Ambani does not have the weight of China, which remains unsanctioned despite its larger volumes of Russian imports.
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Home » News » Celebrity News
Mukesh Ambani, the richest man in India, caught in Trump's trade war
10:35 ▪ 5 min read ▪ by Mikaia A.
Get informed
Which friend will Donald Trump not betray with the powers at his disposal? Elon Musk has already suffered the consequences, a victim of an abrupt turn. Today it is Mukesh Ambani who faces the consequences of the policies of the current U.S. president. Reliance Industries, the emblem of Indian capitalism and Modi's economic arm, is at the center of a geopolitical storm. Accused by the United States of large-scale 'oil arbitrage', Ambani now embodies an uncomfortable figure in the economic war unleashed by Trump.
Ambani is balancing on the thread of the dollar, Indian urban down, Trump threatening, extreme tension, bright orange, dramatic contrast, comic style.
In summary
Mukesh Ambani signed a 10-year contract with Rosneft for Russian oil.
Trump accuses Ambani of economic arbitrage by reselling refined oil to Europe.
Reliance represents the Indian economy but suffers from a trade war led by Trump.
Washington has doubled tariffs on Indian imports of energy products.
When Ambani embodies patriotic capitalism in the forging of India
Mukesh Ambani, author of a cryptocurrency project on Polygon, is not an outsider. He represents a winning national economy, a pillar of Modi's project. Reliance, its refineries, its omnipresence in distribution and telecommunications: everything is aligned with the dream of a powerful India. However, Trump decided that this dream was suspicious, claiming that Indian conglomerates, including Reliance, were benefiting from the war.
Advisor Peter Navarro and Treasury Secretary Scott Bessent did not hold back, denouncing 'politically connected energy titans' who benefit from the war. And Ambani is the target.
According to Kpler, between January and June 2025, Reliance imported 141.57 million barrels of Russian crude oil through a ten-year contract with Rosneft. Due to economic necessity, Trump responds by doubling tariffs on that oil, to 50%.
Ambani has become the symbol of an uncomfortable public-private partnership in the current geopolitical game.
Oil arbitrage: $16 billion in profits... and a thunder in the global economy
The word hits hard: $16 billion in 'excessive profits' — according to Bessent — would have been obtained thanks to the purchase of Russian oil at low prices, resold as a refined product in the global market. Reliance, backed by Nayara Energy, exported $60 billion in petroleum products in 2024-2025, of which $15 billion went to the European Union in just six months.
Reliance paid for Russian oil at an average of $71.47 per barrel, compared to $75.5 for Saudi Arabia: a saving of $4 per barrel at the refineries; only in the first and second quarters of 2025, this represents a considerable margin. It was this logic of 'Indian arbitrage' that Trump criticized, accusing these beneficiaries of pulling the strings of an economy in full geopolitical chaos.
Ambani was not off the radar: the Indian government did not respond officially, but a close source claims that behind the scenes, these accusations are seen as 'political theater'. Reliance plans to continue diversifying its supplies without losing caution.
Global ambitions tested by economic diplomacy... and Trump
Reliance is not just petrochemical: it invests in retail, telecommunications (Jio), technology. Meta is already a partner of its digital arm. But today, these global ambitions clash with tension with the United States. Ambani has few overseas assets, except for a stake in the Mandarin Oriental in New York.
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However, they threaten financial sanctions or restrictions on access to U.S. markets. And in the geopolitical duel, Ambani does not have the weight of China, which remains unsanctioned despite its larger volumes of Russian imports.
Highlights:
Reliance imported about 142 million barrels from Russia in six months;
36% of India's oil needs come from Russia in 2025 (up from almost zero in 2022);
Oil exports (RIL + Nayara): $60 billion, with 25% to the EU;
Average price of Russian crude: $71.47/b; Saudi: $75.5/b;
Tariffs imposed by Trump: up to 50%.
Ambani could emerge politically and financially weakened. India's 'economy' (pro-CBDC country) depends on diplomatic diversification, but this trade war led by Trump shakes the very foundations of an Indian model centered on private giants with close ties to the state.
On the Musk and Trump front, the story is already old. Musk was willing to challenge the system by creating a 'Party America', seemingly sacrificed at the altar of pragmatism and politics. He agreed to temporarily abandon his political party project, preferring to preserve his activities and his ties — especially with JD Vance — instead of openly confronting Trump.
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