Dimon Warns Against Tariffs on Indian Oil

JPMorgan Chase & Co. Chairman and CEO Jamie Dimon has weighed in on the US's new Russia sanctions bill, warning that it could have unintended consequences for India and global oil markets.

In an interview with CNBC TV18, Dimon stated that while he understands the concern about people buying Russian oil, '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's comments come as the US has signed a new sanctions bill into law, which grants the President expanded authority to impose tariffs of up to 100 per cent on imports from the top five purchasers of Russian oil and gas. According to current import volumes, these countries are China, India, Slovakia, Hungary, and Azerbaijan.

The JPMorgan Chase CEO emphasized that there are 'multiple ways' to help Ukraine without punishing global oil markets, suggesting a more nuanced approach to sanctions.