JPMorgan Chase chief executive Jamie Dimon has urged Washington to consider the consequences for India and global oil markets before imposing further tariffs on countries buying Russian crude oil.
“I’m not sure I think we should be putting any kind of tariffs on the oil. India and China are among the largest buyers of Russian oil. Last week, Trump signed the Russia sanctions bill into law, paving the way for up to 100 per cent tariffs on countries buying Russian oil and gas.
Speaking at the JPMorgan India Investor Conference , Dimon said the US should understand how Russian oil is used by Indian refiners and engage with India before deciding how proposed sanctions and tariffs would be implemented. “I think hopefully America will sit down and understand all those issues and, you know, not end up punishing India and the world oil markets while doing what we need to do to combat Russia,” he told CNBC-TV18 on the sidelines of the summit.
Dimon urged Washington to discuss the details of any measures with New Delhi rather than impose restrictions that could have consequences beyond Russia. “I think in this case would be quite respectful of the fact that, you know, some of that oil is refined and imported. If they don’t buy it here, they have to buy it elsewhere. Graham died in July this year, shortly after returning from a trip to Kyiv. The legislation is intended to reduce the financial resources available to Russia as it continues its war against Ukraine. It targets Russian officials, banks and energy interests, as well as foreign entities accused of supporting Moscow’s military activities.
Replacing it with crude from another source may therefore not be straightforward. Trump signed the Russia sanctions legislation two days after the Republican-controlled US House of Representatives approved it by 262 votes to 159. The law, known as the Lindsey O Graham Sanctioning Russia and Iran Act of 2026, is named after Senator Lindsey Graham, a prominent supporter of Ukraine in Washington.
Some of the oil imported by India, he said, is processed according to the requirements of particular refineries. “If they don’t buy it here, they have to buy it elsewhere,” he told CNBC-TV18 . It might not be the right kind of oil for those refineries,” he told CNBC-TV18.
