Internet/Hyderabad, Sept 23 (Maxim News): Leading global investment bank JP Morgan Chase CEO Jamie Dimon has advised the United States not to take any harsh measures against India and not to impose punitive tariffs on its oil purchases from Russia. He warned that taking unilateral action in a hurry would have a serious negative impact not only on India but also on the entire global oil markets. He advised the US to reconsider this matter.
He participated in the JP Morgan India Investor Conference and spoke to a leading media outlet on this occasion. He said that the US government should think carefully before imposing tariffs on the oil India is buying from Russia. He advised Washington to first understand how Indian refineries are using Russian oil and what their needs are. Instead of imposing sanctions on India, he suggested that US officials should sit down with Delhi and discuss all the facts.
“I hope the US does what it needs to do to fight Russia without punishing India and the global oil markets,” Jamie Dimon said. He also said he was not entirely clear whether imposing tariffs on oil was the right decision. Dimon’s comments took on significance after US President Donald Trump signed a law authorizing the imposition of tariffs of up to 100 percent on countries that buy large amounts of oil and gas from Russia.
India is one of the largest importers of crude oil from Russia. If this law comes into force, India is likely to be affected. Dimon noted that it may not be easy to find alternatives to the Russian oil that Indian refineries are processing. He explained that sudden changes in supply would be detrimental not only to Indian refineries but also to the broader energy markets. He made it clear that it is more important to have discussions on the facts than to take actions that lead to unpredictable consequences. (Maxim News)
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter, and Instagram. For all the latest Hyderabad News updates and Follow us on GoogleNews
