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 specifically configured to process Russian crude grades, and forcing a rapid switch to alternative suppliers would create operational headaches that translate into real economic disruption.

Why India matters more than ever

Dimon’s defense of India wasn’t purely about oil. He used the conference to paint a bullish picture of India’s economic trajectory, projecting that the country’s economy could triple in size over the next decade.

“I think hopefully America will sit down and understand all those issues,” Dimon said during the conference.

Dimon also called for progress on a US-India trade agreement, framing it as a constructive alternative to the punitive approach.