Mukesh Ambani, whose fortune is estimated at $95 billion, earned 724 million euros in a year from exporting fuel made from Russian oil to the United States, according to a report by the Centre for Research on Energy and Clean Air (CREA), The Moscow Times reports.
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What is known
Mukesh's Reliance Industries signed a 10-year contract with Rosneft in 2024 for oil supplies worth $12-13 billion per year. The Russian company has committed to supplying up to 500,000 barrels daily, which is about half of all Rosneft's seaborne deliveries from Russian ports.
Analysts estimate that the US spent 2.8 billion euros on fuel imports from refineries to India and Turkey. Of this amount, 1.3 billion euros were for products made from Russian raw materials.
The share of Reliance's plants in Jamnagar amounted to 2 billion euros, of which 724 million euros was for fuel made from Russian oil.
“Russia received about 750 million euros in tax revenue from such exports. Gasoline alone was supplied for 294 million euros – enough to “fill up almost every car in Florida,” CREA analysts note.
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