Jamie Dimon warned Washington that imposing tariffs on India for buying Russian crude could disrupt global energy markets and push oil prices above $90 per barrel. Speaking at the JPMorgan India Investor Conference on September 22, JPMorgan’s CEO said India imported more than 50% of its oil from Russia in July 2026, equal to roughly 1.7 million barrels per day. His remarks followed Congress’s passage of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which gives the US president authority to impose tariffs of up to 100% on countries that significantly purchase Russian crude. Dimon said Indian refineries are configured for Russian crude grades, making a rapid shift to alternative suppliers operationally difficult. He also projected that India’s economy could triple over the next decade and called for progress on a US-India trade agreement as an alternative to punitive measures.