Dimon Warns US Against Tariffs on Russian Oil

JPMorgan Chase CEO Jamie Dimon has warned the US government against imposing tariffs on countries buying Russian oil, including India. Speaking at the JPMorgan India Investor Conference in Mumbai, Dimon expressed concerns that such measures could hurt global oil markets and Indian refiners.

'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 said. He questioned whether tariffs on Russian oil were the right way to pressure Moscow, saying 'I'm not sure I think we should be putting any kind of tariffs on the oil.'

Dimon pointed out that replacing Russian supplies could involve more than simply finding another supplier, as alternative crude may not be suitable for particular Indian refineries. The comments came days after US President Trump signed the Russia sanctions legislation into law, which authorises tariffs of up to 100 per cent on countries that continue to buy Russian oil and other energy products.