Dimon Warns Against Tariffs on Indian Oil Imports
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 allows the Trump administration to impose tariffs of up to 100% on imports from the five largest buyers of Russian oil and natural gas.
The law, signed by President Donald Trump on September 18, gives his administration broad discretion over which countries face tariffs and whether to grant waivers.
JPMorgan Chase CEO Jamie Dimon urged Washington to consider India's refining needs and the effect on global oil markets before imposing tariffs. 'If they don't buy it here, they have to buy it elsewhere,' he said. 'It might not be the right kind of oil for those refineries.'
Dimon questioned whether oil tariffs offered the best way to pressure Russia, adding that the United States should continue supporting Ukraine.