JPMorgan CEO urges US to avoid punishing India over Russian oil purchases

Jamie Dimon has a message for Washington: don’t pick a fight with India over Russian oil unless you’re prepared for the consequences. Speaking at the JPMorgan India Investor Conference on September 22, the bank’s CEO argued that imposing tariffs on India for buying Russian crude would be a self-inflicted wound on global energy markets, one that could push oil prices well past $90 per barrel. His comments landed just days after Congress passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which gives the US president authority to slap tariffs of up to 100% on countries that significantly purchase Russian crude. India, which sourced more than 50% of its oil imports from Russia in July 2026 at roughly 1.7 million barrels per day, sits squarely in the crosshairs. The math behind Dimon’s warning Removing 1.7 million barrels per day from the global supply equation is not a rounding error. JPMorgan’s analysis suggests that forcing India to find alternative suppliers would create a supply crunch severe enough to send prices soaring past $90 per barrel. Dimon also flagged that punitive tariffs could exacerbate existing refinery challenges. Indian refineries have been specif...