‘Hopefully America will understand’: JPMorgan CEO Jamie Dimon says India must not be punished for Russian oil

India must not be punished for purchasing Russian oil, said JPMorgan CEO Jamie Dimon at the JPMorgan India Investor Conference. He said he was not in favour of putting tariffs on oil, while adding that the US could do more to help Ukraine.

Dimon said Washington must take into account how India uses the Russian crude. He added that the US must understand the implications for India as well as the global oil market.

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As mentioned in a report in CNBC-TV18, Dimon said, “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…I’m not sure I think we should be putting any kind of tariffs on the oil.”

Dimon’s remarks came amid the US weighing tougher actions – 100 per cent tariffs – on countries that purchase Russian oil, under the Lindsey O Graham Sanctioning Russia and Iran Act of 2026.

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He said some of the crude is refined and imported based on the specific requirements of the refiners. If they don’t buy it here, they have to buy it elsewhere, he reasoned. Alternative crude may not necessarily be suitable for those refiners, he said.

Dimon said that targeting Russian oil could be one of the ways to help Ukraine but the US must also consider the repercussions beyond Moscow. He said it is important for Washington to have a conversation with New Delhi on ‘what it does and how they do it’ instead of risking disruption of the global markets.

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The Russia-Ukraine war has also made India-US relationship more complicated, and has added to its challenges.

“If I was urging both governments, sit down and try to finish it,” he said, referring to the trade agreement between India and the US. He said it was important to have stability.