Indian Billionaire Mittal Has Been Caught Buying Russian Oil
- 29.10.2025, 14:02
The businessman's company received raw materials from sub-sanctioned vessels in Putin's "shadow fleet."
Indian industrialist and owner of the Lakshmi Mittal steel empire has found himself at the center of a Financial Times investigation - his energy joint venture, according to the publication, was buying Russian oil delivered on tankers under U.S. sanctions. Analysis of satellite imagery, ship trackers and customs data showed that the Guru Gobind Singh Refinery in Bathinda, Punjab, which Mittal co-owns, received at least four Russian shipments of crude oil worth $280 million in 2025.The cargo was delivered from the Arctic port of Murmansk through the Gulf of Oman by vessels on the US sanctions list.
The oil shipments took place between July and September. All tankers used "deceptive practices" - turning off transponders or transmitting false coordinates, writes the FT investigation. Who exactly organized oil deliveries on the sub-sanctioned ships, remains unknown. There is also no confirmation that the company itself HPCL-Mittal Energy Limited (HMEL), which owns the refinery, knew that the tankers were under sanctions. HMEL is a joint venture between the Mittal group and India's state-owned Hindustan Petroleum Corporation Limited (HPCL). Each party holds a 49% stake. The Guru Gobind Singh Refinery is India's tenth largest refinery, with a capacity of 11.3 million tons of crude oil per year.
Mittal, the head of ArcelorMittal Corporation, the world's largest steel producer, and a Goldman Sachs board member since 2008, is considered one of the most powerful businessmen in India and the United Kingdom. According to the Financial Times, he told acquaintances this year that he intended to leave Britain because of changes in tax laws.
The investigation comes amid mounting pressure from Washington on New Delhi. The Donald Trump administration imposed sanctions on Rosneft and Lukoil last week in a bid to curb Russian oil exports to India and force Moscow to return to talks on Ukraine. Reuters reported that Indian refiners have suspended purchases of Russian oil. According to sources, the refineries are awaiting clarification from the government following the imposition of U.S. sanctions. "We have canceled some of the previously ordered shipments from traders linked to the sub-sanctioned companies," one of the agency's interlocutors said. Another source said banks "simply won't make payments" if a transaction involves a sub-sanctioned party.
To make up the shortfall, state-run Indian Oil has issued a tender to buy oil from elsewhere, while Reliance Industries of India's richest man Mukesh Ambani has increased spot shipments from the Middle East. Schemes with middlemen who could buy oil from Rosneft and resell it are not being considered by Indian authorities. "Indian companies will not buy Rosneft's and Lukoil's oil even if supplies are arranged through traders," a source in the country's government clarified.
As of September, India imported about 1.6 million barrels of oil per day from Russia, accounting for 36% of all imports. During the peak period (April-June 2025), the volume reached 2 million barrels per day. Russia has become India's largest supplier of oil by sea routes and second, after China, in terms of total purchases.