Dimon urges US to reconsider tariffs on Indian Russian oil

JPMorgan Chase Chief Executive Jamie Dimon urged the United States to consider the effects on Indian refineries and global oil markets before imposing tariffs on India over its purchases of Russian crude. His appeal followed President Donald Trump’s signing of legislation authorizing tariffs of up to 100% on countries buying Russian energy, including India and China. Speaking at the JPMorgan India Investor Conference in Mumbai, Dimon said Washington should first understand how Indian refineries use Russian oil. He questioned whether tariffs on oil were the right way to pressure Russia and said alternative crude might not suit the requirements of some refineries. India could seek supplies elsewhere, he said, but changing sources may have consequences beyond the immediate target of the measures. The legislation, the Lindsey O. Graham Sanctioning Russia and Iran Act, authorizes the president to impose tariffs of up to 100% on countries that continue buying Russian energy. The sources do not establish that the administration has imposed tariffs on India. Whether it will use that authority, and how any measures would be applied, remains unclear.