JPMorgan Chase CEO Jamie Dimon has urged the US to consider the impact of tariffs on Russian oil buyers before imposing further measures, warning that Washington could end up hurting India and global oil markets.
Speaking to CNBC-TV18 on the sidelines of the JPMorgan India Investor Conference in Mumbai, Dimon said the US should first understand how Indian refiners use Russian crude and whether the oil can easily be replaced with supplies from other countries.
“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,” Dimon said.
Dimon Questions Russian Oil Tariffs
Dimon also questioned whether imposing tariffs on Russian oil was the right way to put pressure on Moscow.
“I’m not sure I think we should be putting any kind of tariffs on the oil,” he said.
He pointed to the technical differences between crude grades and the requirements of individual refineries, arguing that replacing Russian supplies may not simply involve finding another source.
“If they don’t buy it here, they have to buy it elsewhere,” Dimon said, adding that alternative crude “might not be the right kind of oil for those refineries”.
India is one of the world’s largest crude oil importers and has become a major buyer of Russian crude since the Russia Ukraine war began.
Trump Signs Russia Sanctions Law
Dimon’s comments came after US President Donald Trump signed legislation authorising his administration to impose tariffs of up to 100 per cent on countries that continue to buy Russian energy.
The Lindsey O Graham Sanctioning Russia and Iran Act is aimed at increasing economic pressure on Russia over its war in Ukraine. India and China, among the biggest buyers of Russian energy, could face significant implications from the measure.
Dimon said the US should continue supporting Ukraine while considering the wider consequences of measures targeting Russian energy exports.
“I think we should be doing more to help Ukraine,” he said.
He also urged Washington to engage with New Delhi on how any restrictions should be implemented.
India Defends Russian Oil Purchases
India has repeatedly defended its purchases of Russian crude, citing the need to secure affordable and reliable energy supplies.
Indian Ambassador to the US Vinay Mohan Kwatra recently said India’s energy policy follows a “people first” approach.
“The energy security of India’s people comes first,” Kwatra said, adding that India’s choices are guided by “availability, affordability, market conditions and commercial viability”.
India imports more than 85 per cent of its crude oil, making international oil prices and supply disruptions important factors for the economy.
India’s Russian Oil Imports Decline
India’s Russian crude imports have already fallen, according to tanker data provided to Reuters.
The country imported around 2.1 million barrels per day of Russian crude in August, down 16.5 per cent from July. Russian oil accounted for about 47 per cent of India’s overall crude imports that month.
Dimon also called for progress on the stalled India US trade agreement, urging both governments to “sit down and try to finish it”.
“It’s important to have stability,” he said, highlighting the importance of predictability for companies operating across borders.