Dimon Warns US Against Punishing India Over Russian Oil Imports

JPMorgan Chase CEO Jamie Dimon has urged Washington to reconsider imposing tariffs of up to 100 percent on Indian refineries for purchasing Russian oil and gas. Speaking at a conference in Mumbai, Dimon said the US should first understand how Russian crude is used by Indian refineries before deciding on further measures.

India is among the world's biggest crude oil importers and has emerged as a major buyer of Russian crude. The country imported around 2.1 million barrels per day (bpd) of Russian crude in August, down 16.5 percent from July.

Dimon questioned whether tariffs on Russian oil were the right way to pressure Moscow. He said replacing Russian supplies could involve more than simply finding another supplier, as different types of crude oil are used by refineries and individual refineries are designed to process particular types of oil.