JPMorgan CEO Jamie Dimon urged Washington to think twice before using tariffs on India over Russian oil, warning they could disrupt global markets. A Sept. 18 law lets President Donald Trump impose tariffs of up to 100% on countries buying Russian oil and gas.
Russian crude accounted for less than 1% of India’s oil purchases before 2022. Kpler data cited by Business Standard put imports at about 2.6 million barrels a day in June and July 2026; separate Kpler data reported by EcoNiti put August imports at about 2.08 million barrels a day, or 45% of India’s crude imports. The report says the Iran conflict squeezed tanker traffic through the Strait of Hormuz. Dimon argued that refineries are built for particular crude grades and cannot simply switch supplies without affecting operations.
Trump raised tariffs on Indian goods to 50% in August 2025, with half tied to Russian oil. The White House said he removed the penalty in February 2026 in recognition of India’s commitment to stop buying Russian oil. On Sept. 23, External Affairs Minister S. Jaishankar raised India’s concerns about the new law with Secretary of State Marco Rubio; the State Department said they discussed possible sanctions on countries doing business with Russia and Iran.
