📷 Image: Wikimedia Commons / Steve Jurvetson
Business
JPMorgan CEO urges US to reconsider Russian oil tariffs, warns of impact on India
✍️ India Today
🗓 23 Sep 2026, 10:15 AM
👁 9
JPMorgan chief executive Jamie Dimon told US officials that raising tariffs on Russian oil could inadvertently harm India's economy.
JPMorgan chief executive Jamie Dimon has appealed to US policymakers to rethink the proposed increase in tariffs on Russian oil, cautioning that such a move could have unintended repercussions for India. He highlighted that India remains a significant importer of Russian crude, and higher duties could translate into higher fuel costs for Indian consumers and businesses.
Dimon warned that the ripple effects of elevated oil prices would extend beyond the energy sector, potentially slowing economic activity and affecting the broader trade relationship between the United States and India. He suggested that Washington consider more nuanced measures, such as targeted exemptions or a phased implementation, to mitigate collateral damage.
Emphasising the importance of stable global energy markets for financial stability, Dimon urged a balanced approach that safeguards sanction objectives while avoiding undue strain on allied economies like India. His comments come as the United States reviews its sanction regime against Russia in the wake of ongoing geopolitical tensions.
Dimon warned that the ripple effects of elevated oil prices would extend beyond the energy sector, potentially slowing economic activity and affecting the broader trade relationship between the United States and India. He suggested that Washington consider more nuanced measures, such as targeted exemptions or a phased implementation, to mitigate collateral damage.
Emphasising the importance of stable global energy markets for financial stability, Dimon urged a balanced approach that safeguards sanction objectives while avoiding undue strain on allied economies like India. His comments come as the United States reviews its sanction regime against Russia in the wake of ongoing geopolitical tensions.