Jamie Dimon says US shouldn’t punish India over Russian oil: ‘Hopefully America will understand’

The latest market report highlights that JPMorgan Chase CEO Jamie Dimon on Monday urged US to consider the impact on India and global oil markets before imposing further measures on countries buying Russian crude.

Speaking to CNBC-TV18 on the sidelines of the JP Morgan India Investor Conference in Mumbai, Dimon stated Washington should understand how Russian oil is used by Indian refiners before deciding on tariffs or other measures targeting purchases from Russia.

“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 stated.

His remarks come days after the US Congress cleared the Russia sanctions bill, which will allow President Donald Trump to impose tariffs of up to 100% on countries buying Russian oil.

Commenting on India's purchases of Russian crude, Dimon stated some of the oil is refined and imported based on the specific requirements of Indian refineries.

“I think in this case would be quite respectful of the fact that, you know, some of that oil is refined and imported. If they don’t buy it here, they have to buy it elsewhere. It might not be the right kind of oil for those refineries,” he told CNBC-TV18.

Dimon further noted that Washington should engage with India on how any sanctions or tariffs are implemented, warning that measures against Russian crude could have wider implications for the oil market.

Dimon additionally stated US should do more to backing Ukraine while discussing measures to put pressure on Moscow.

His comments come amid growing pressure from US and the European Union on India over its continued purchases of Russian crude.

India has rejected criticism of its Russian oil imports, describing the targeting of its energy purchases as “unjustified and unreasonable”.

Reacting to the Russia sanctions bill, India recently stated that such measures could impact bilateral ties. "The Indian side has additionally made clear its determination to take all necessary measures to protect its trade and economic interests," the ministry of external affairs stated, adding that the government would work closely with trade and industry bodies to deal with the implications of the legislation.

India, the world's third-biggest oil importer, is among the biggest buyers of Russian oil. New Delhi has repeatedly resisted Western pressure to scale back its oil trade with Russia, saying its large population and economy need secure, affordable and reliable energy supplies.