Jamie Dimon urges US to rethink tariffs on Russian oil buyers

JPMorgan Chase CEO Jamie Dimon has urged the United States to reconsider imposing punitive tariffs on countries purchasing Russian crude oil, warning that such measures could unfairly penalize India and disrupt global oil markets. The warning follows the signing of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which authorizes President Donald Trump to impose tariffs of up to 100% on major buyers of Russian energy.

Speaking at the JPMorgan India Investor Conference in Mumbai, Dimon emphasized that Washington should understand the technical requirements of Indian refineries, noting that alternative crude grades might not be suitable replacements. He cautioned that the policy could end up “punishing India and the world oil markets” while attempting to combat Russia.

Separately, Dimon highlighted the significant growth potential of the Indian economy, suggesting it could nearly triple in size over the next decade. To support this expansion, JPMorgan is significantly increasing its footprint in India, with plans to expand research coverage to approximately 2,000 Indian companies and maintaining a workforce of roughly 60,000 professionals in the country. He also noted that global AI investments could reach $1 trillion next year, driven by massive spending on infrastructure and data centers.