Archive · 25 Sep 2026
Dimon Urges Trump to Avoid Punishing India Over Russian Oil
Jamie Dimon leads JPMorgan, a large financial institution.
He said India’s economy and businesses are growing quickly.
He asked the United States not to punish India for buying Russian oil without first discussing the issue.
He warned that tariffs could hurt India and oil markets around the world.
President Donald Trump signed a law allowing very high tariffs on some major buyers of Russian energy.
However, the United States has not announced new tariffs on India under that law.
Dimon also said India and the United States should improve their relationship and finish a trade agreement.
He expects JPMorgan’s business and research coverage in India to grow substantially over the next decade.
JPMorgan CEO Jamie Dimon urged the United States to consider the effects of tariffs on India’s Russian oil purchases.
Dimon said tariffs could harm India and global oil markets, advocating dialogue instead.
President Donald Trump signed a law allowing tariffs of up to 100% on major buyers of Russian oil and gas.
The Trump administration has not announced additional tariffs on India under the new law.
Dimon called India and the United States natural partners and backed completing their stalled trade agreement.
- Who
- JPMorgan CEO Jamie Dimon, President Donald Trump, India, and the United States are central to the story.
- What
- Dimon urged the United States to avoid tariffs on India’s Russian oil purchases and supported closer US-India economic ties.
- When
- Dimon made the comments at the JPMorgan India Investor Conference and in an interview with CNBC-TV18; Trump signed the sanctions legislation on September 18, 2026.
- Where
- The remarks concerned India, the United States, Russia, and global oil markets.
- Why
- Dimon said tariffs could punish India and global oil markets, while arguing that stronger US-India ties and a completed trade agreement would provide greater stability.
Dialogue and Economic Partnership
Sanctions and Tariff Authority
Tariffs on Russian oil purchases
Dialogue and Economic Partnership
Jamie Dimon said the United States should consider the consequences for India and global oil markets and should discuss India’s actions rather than impose tariffs.
Sanctions and Tariff Authority
Trump signed legislation authorizing tariffs of up to 100% on imports from major buyers of Russian oil and natural gas, while leaving the administration discretion over which countries face them.
US-India relationship
Dialogue and Economic Partnership
Dimon described India and the United States as natural partners, supported completing their stalled trade agreement, and said stable rules and treatment of capital matter to businesses.
Sanctions and Tariff Authority
The article describes the trade agreement as stalled and says India’s non-aligned position may become more difficult as it strengthens ties with the United States.
- Speaker
- Jamie Dimon, CEO of JPMorgan
- Issue
- Potential US tariffs on India’s purchases of Russian oil
- Dimon’s position
- He urged dialogue instead of tariffs and warned of effects on India and global oil markets.
- Legislation
- The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026
- Tariff authority
- The law authorizes tariffs of up to 100% on imports from the five biggest buyers of Russian oil and natural gas.
- Current status
- No additional tariffs on India under the new law had been announced.
- India outlook
- Dimon said JPMorgan expects its Indian research coverage and presence to expand as the economy grows.