'US shouldn't punish India, global markets over Russian oil': JPMorgan chief Jamie Dimon
JPMorgan Chase & Co. chief Jamie Dimon also reflected on the difficult refineries would face if they are forced to switch oil quickly.
JPMorgan's Jamie Dimon argues against punishing India and global markets over Russian oil. The US recently passed a sanctions bill to pressure Russia to end the Ukraine war, granting the President the power to impose tariffs of up to 100% on imports from the top five purchasers of Russian oil and gas, including India. Dimon, in India for JPMorgan's annual investment conference, said that India and global oil markets should not bear the brunt of these sanctions.
He acknowledged the US concern over people buying Russian oil but believes President Donald Trump doesn't want to disrupt oil and other markets. Refineries are typically designed to process specific grades of oil, making it difficult to switch suppliers. If markets don't buy oil from one place, they have to purchase it elsewhere, Dimon explained.
He urged America to consider all options and avoid putting tariffs on oil, suggesting that helping Ukraine should be the main focus.
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