India’s billionaires had big hopes for the Trump presidency but nearly one year since his second term began, two of the biggest are paying the price for the worst relationship between New Delhi and Washington in decades.
US President Donald Trump, angry with President Vladimir Putin for refusing to stop his war in Ukraine, directed that ire to India’s Russian oil imports, and doubled the tariff on Indian goods to 50 per cent.
It meant a direct hit for the business empire of India’s richest man, Mukesh Ambani. The refining arm of Ambani’s Reliance Industries conglomerate had earned a windfall of nearly $6bn since 2022 by refining discounted crude from Russia and selling it to the west.
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