Don't end up punishing India: JPMorgan CEO asks US to rethink Russian oil tariffs

US President Donald Trump has signed into law a sweeping Russia sanctions package that gives his administration the power to impose tariffs of up to 100 per cent on major buyers of Russian oil and gas, including India and China. As the new law puts India's Russian oil purchases under greater scrutiny, JPMorgan Chase CEO Jamie Dimon has urged Washington to consider the impact on Indian refiners and global oil markets before imposing such tariffs.

Speaking to CNBC-TV18 on the sidelines of the JPMorgan India Investor Conference in Mumbai, Dimon said the US should first understand how Russian crude is used by Indian refineries before deciding on further



measures.

His comments come as Washington seeks to increase pressure on countries that continue to purchase Russian oil. India is among the world's biggest crude oil importers and has emerged as a major buyer of Russian crude.

"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 also questioned whether tariffs on Russian oil were the right way to pressure Moscow.

"I'm not sure I think we should be putting any kind of tariffs on the oil," he said.