India’s Richest: Russian Oil Profits & Accusations of War Funding Spark Hypocrisy Debate
Reliance Industries, owned by Indian billionaire Mukesh Ambani, has reportedly earned over €724 million from exporting fuel refined from Russian oil to the US in 2024. This activity has raised concerns, with US officials claiming India has become a financial resource for Russia’s war effort, despite Western sanctions imposed after the 2022 invasion of Ukraine. Reliance purchases discounted Russian crude, refines it at its Jamnagar complex, and then exports the finished products, a practice that has allowed the company to significantly increase revenue, with Russian crude now accounting for approximately 30% of its processing. The US and EU are considering measures to close the loophole that allows these exports, while Reliance continues to operate with significant profit.
John Q. Hosedrinker