Ambani Gets Caught in US-India Trade Skirmish Over Russian Oil

India’s richest man Mukesh Ambani is caught in the crossfire of a bitter trade skirmish between the US and India. As President Donald Trump homed in on the South Asian nation’s purchases of Russian crude, his key advisers have accused the country’s most powerful tycoons of war profiteering. Though no names were mentioned, Ambani is unquestionably in the eye of the storm as his refining giant Reliance is the biggest single buyer of Russian oil in India.

The public criticism is not just a personal affront. Tycoons like Ambani, who inherited a vast petrochemicals business from his father and turned it into an oil-to-telecoms powerhouse, are at the heart of Prime Minister Narendra Modi’s India. They are aligned with his nation-building priorities and have in turn benefited from government policies that shield industries key to them, including domestic retail, now in Trump’s sights. The attacks hit close to home, even if billionaire troubles have not generally affected the Indian leader, who has explicitly distanced himself during difficult periods.