Archive · 23 Sep 2026
Jamie Dimon Urges US to Consider India’s Oil Needs
Jamie Dimon is the leader of a large bank.
He said the United States should be careful about punishing India for buying Russian oil.
The United States wants to reduce Russia’s money and support Ukraine.
A new law lets the US president impose tariffs as high as 100% on countries buying Russian oil and gas.
However, the law does not automatically place a 100% tariff on India.
Dimon said some Russian oil is chosen because it works well in certain Indian refineries.
Finding replacement oil might be difficult or more expensive.
He also warned that restrictions could affect oil markets around the world.
Dimon said the United States and India should discuss the issue and continue working on their trade agreement.
JPMorgan Chase CEO Jamie Dimon urged Washington to consider India’s refinery needs before imposing tariffs on Russian-oil buyers.
He said some Russian crude is selected for the technical requirements of particular Indian refineries.
The Lindsey O. Graham Sanctioning Russia and Iran Act allows tariffs of up to 100% on countries buying Russian oil and gas.
Dimon warned that restrictions could affect India, replacement supplies, and global oil markets.
He called for US-India discussions, greater support for Ukraine, and progress on their broader trade agreement.
- Who
- JPMorgan Chase CEO Jamie Dimon, the United States, India, Russia, and Ukraine are central to the issue.
- What
- Dimon urged the United States to consider India’s refinery and energy needs before imposing tariffs or other restrictions over Russian oil purchases.
- When
- Dimon made the remarks during the JPMorgan India Investor Conference, amid US consideration of tougher measures against Russian-oil buyers.
- Where
- He spoke in Mumbai during an interview with CNBC-TV18.
- Why
- The proposed measures aim to reduce Russia’s energy revenue and pressure Moscow, while Dimon warned they could harm India and disrupt global oil markets.
Supporters of tougher Russia measures
Critics concerned about India and markets
Purpose of restrictions
Supporters of tougher Russia measures
Tariffs and other measures could reduce Russia’s energy revenue and increase pressure on Moscow over its war against Ukraine.
Critics concerned about India and markets
Dimon said the United States should pursue pressure on Russia without punishing India or disrupting global oil markets.
India’s Russian-oil purchases
Supporters of tougher Russia measures
Targeting major buyers could encourage India to reduce purchases from Russia and limit Moscow’s income.
Critics concerned about India and markets
India says its energy sourcing is driven by availability, affordability, market conditions, and the need to protect energy security.
Replacement crude
Supporters of tougher Russia measures
Restrictions could push Indian refiners to obtain crude from other suppliers, including Iraq and the United Arab Emirates.
Critics concerned about India and markets
Dimon said replacement crude may not have the characteristics required by particular Indian refineries and may not be straightforward to obtain.
- Speaker
- Jamie Dimon, chairman and CEO of JPMorgan Chase
- Location
- JPMorgan India Investor Conference, Mumbai
- Potential tariff
- Up to 100% on countries buying Russian oil and gas
- Legislation
- Lindsey O. Graham Sanctioning Russia and Iran Act of 2026
- India’s refinery concern
- Some Russian crude is selected for the technical requirements of particular refineries
- India’s oil imports
- Russian crude imports were reported at about 2.1 million barrels per day in August, with preliminary September estimates of about 1.9 million barrels per day
- India’s position
- India has defended its energy purchases as necessary, affordable, and reliable, calling criticism of them unjustified and unreasonable
- Broader discussions
- Dimon urged Washington and New Delhi to discuss implementation, support Ukraine, and advance their trade agreement
Sources
‘Hopefully America won’t punish India’: Jamie Dimon on 100% tariff threat over Russian oil
JPMorgan CEO Urges US To Consider India’s Oil Needs Before Imposing Russia Sanctions
'Hope US Won't End Up Punishing India': JPMorgan CEO On Trump Tariffs
