The Hidden Global Fuel Trade: Russian Oil Beyond Sanctions

Reliance Industries and other refineries in India and Turkey exported fuel refined from Russian crude oil to the US, totaling EUR 724 million from Reliance alone. Despite Western sanctions, Russia still benefits from revenues as Indian and Turkish refineries bypass direct restrictions, impacting the Russian economy.

Reliance Industries Ltd, led by billionaire Mukesh Ambani, has reportedly raked in EUR 724 million from exporting fuel derived from Russian crude oil to the US in a year, a European think tank reported. This comes amid ongoing Western sanctions against Russia following its 2022 invasion of Ukraine.

Between January 2024 and January 2025, the US imported EUR 2.8 billion of refined oil from six Indian and Turkish refineries, including 1.3 billion euros traced back to Russian crude oil, a study by the Centre for Research on Energy and Clean Air revealed. Notably, Jamnagar in Gujarat, where Reliance refines oil, accounted for EUR 724 million of these exports.

With sanctions allowing Russian crude oil purchases but restricting exports, fuel trade indirectly supports Russia's economy, adding EUR 750 million in estimated tax revenues from US imports. As Western powers grapple with sanctions, India's and Turkey's refining activities underscore the complexities of global fuel supply and political tensions.

(With inputs from agencies.)