JPMorgan CEO Jamie Dimon warned that imposing tariffs on India for importing Russian crude could destabilize global energy markets. Speaking at the JPMorgan India Investor Conference on September 22, 2026, he stated that such measures might push oil prices well above $90 per barrel.
The warning follows the passage of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which allows the US president to impose tariffs of up to 100% on countries purchasing Russian oil. In July 2026, India imported approximately 1.7 million barrels per day from Russia, accounting for over 50% of its total oil imports.
Dimon noted that Indian refineries are specifically configured for Russian crude grades, making a rapid shift to alternative suppliers operationally difficult. He argued that forcing such a change would cause significant economic disruption and a severe supply crunch.
Beyond energy concerns, Dimon expressed a positive outlook on India's economic growth, projecting that the nation's economy could triple in size over the next decade. He advocated for a US-India trade agreement as a constructive alternative to punitive sanctions.
