Banking giant JP Morgan Chase CEO Jamie Dimon believes that the US should avoid measures against Russia that would also penalize India and the global oil market. He said this in an interview with CNBC TV18.
Dimon points out that refineries are designed for certain types of crude oil, making it difficult to quickly switch suppliers. In some months, India has bought more than half of its imported crude oil from Russia.
The statement comes after the US adopted legislation giving President Donald Trump the possibility of imposing tariffs on countries that buy Russian crude oil. Indian refineries have begun seeking alternative supplies, but the large Russian volumes are considered difficult to replace.
