- September 22, 2026
‘Hopefully America Won’t Punish India’: Jamie Dimon On 100% Tariffs For Russian Oil Purchases
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The JPMorgan Chase CEO also said Washington should engage with India on how any tariffs or other measures are implemented.
CEO and Chairman of JPMorgan Chase Jamie Dimon and US President Donald Trump shake hands at the Pennsylvania Defense and Innovation Summit at the United States Army War College in Carlisle, Pennsylvania. (IMAGE: REUTERS FILE)
JPMorgan Chase CEO Jamie Dimon urged American lawmakers on Monday to reconsider imposing tariffs of up to 100% on India for buying Russian crude, arguing that Washington should first understand how the oil is used by Indian refiners.
The remarks came days after the US Congress cleared a Russia sanctions bill that authorises President Donald Trump to impose tariffs of up to 100% on countries buying Russian oil.
Dimon made the comments at the JPMorgan India Investor Conference in Mumbai while speaking with CNN-News18’s sister concern CNBC-TV18. He said Washington needs to understand the specific requirements of Indian refineries before deciding on tariffs or other measures targeting purchases of Russian crude.
He acknowledged that India could source oil from other suppliers but pointed to the technical requirements of Indian refineries.
“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 said.
“I think in this case [we] 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. It might not be the right kind of oil for those refineries,” Dimon told CNBC-TV18.
The JPMorgan Chase CEO also said Washington should engage with India on how any tariffs or other measures are implemented, warning that restrictions on Russian crude could have wider implications for global oil markets.
India’s ‘People First’ Energy Policy
Dimon’s comments come as India has defended its continued focus on energy security amid the threat of US tariffs on buyers of Russian oil.
Indian Ambassador to the US Vinay Mohan Kwatra said last week that India is guided by the principle of “people first” when it comes to energy security, hours after the US Congress passed legislation authorising steep tariffs on countries buying Russian energy.
“The energy security of India’s people comes first,” Kwatra said in a post on X.
“Our choices are guided by availability, affordability, market conditions and commercial viability,” he said, noting that India imports more than 85% of its crude oil and around half of its natural gas.
Kwatra said India had acted decisively to protect its people from price shocks when recent conflicts squeezed global energy supplies.
“That also helped steady global energy markets and prevent a deeper crisis,” he said.
“Our sourcing reflects a fundamental national responsibility: looking outside our borders to secure adequate, affordable and uninterrupted energy for our people,” the Indian envoy said.
The legislation referred to by Kwatra, the Lindsey O Graham Sanctioning Russia and Iran Act, would authorise Trump to impose sanctions on Russia and tariffs of up to 100% on its trading partners, including major buyers of Russian oil and gas such as India and China.
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Ask News18Jamie Dimon urged US lawmakers to reconsider imposing tariffs of up to 100% on India for purchasing Russian crude oil. He argued that Washington should first understand how the oil is used by Indian refiners and evaluate the broader implications for global energy markets before taking action.
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Shankhyaneel Sarkar is a chief sub editor at News18. He covers international affairs, where he focuses on breaking news to in-depth analyses. He has over seven years of experience during which he has …Read More
September 22, 2026, 17:37 IST
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