Reliance Industries said that ongoing geopolitical tensions and the uncertainty around tariffs could disrupt trade flows and impact the overall demand-supply balance, in its annual report on Thursday.

President Trump signed an executive order on Wednesday imposing an additional 25% tariff on goods from India because it continues to buy oil from Russia. The announcement by the president comes just a week after he said he would be slapping a 25% tariff on imports from India,

India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the Middle East and Africa and other regions if it is forced to cut Russian imports due to possible U.