Jamie Dimon Supports India in Dispute Over Russian Oil Imports
JPMorgan Chase CEO Jamie Dimon has publicly supported India's position on its imports of Russian oil, urging the U.S. to reconsider imposing tariffs under a new law signed by President Trump. The law allows for up to 100% tariffs against countries purchasing Russian crude and gas, including India. Dimon argued that such measures could disrupt global markets without effectively targeting Russia’s energy revenue. India has become one of Moscow's largest buyers since the start of the Ukraine war in 2022, filling a gap left by Western sanctions. U.S. administrations have debated whether this trade undermines or supports pressure on Russia. Dimon made his comments during an investor conference in Mumbai, where JPMorgan is seeking to expand its presence. The Trump administration previously imposed and later removed tariffs linked to Indian oil imports from Russia after a deal was reached with New Delhi.
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Topics: India-U.S. relations Russian oil trade tariffs U.S. sanctions