JPMorgan's Jamie Dimon calls for more Russia sanctions despite warning of 'potentially explosive situation'

• In his annual shareholder letter, JPMorgan CEO Jamie Dimon called for more sanctions against Russia.
• Additional sanctions can amplify the ones already in place and put greater pressure on Russia, he said.

JPMorgan CEO Jamie Dimon called for tougher sanctions on Russia despite the increased risk to global markets and the economy.

In his annual shareholder letter, he pointed out that Russia's war on Ukraine has catalyzed a massive refugee crisis and it is having a significant financial impact that will slow the growth of major economies including those of the US and Russia.

More sanctions could be added, the JPMorgan chief noted, putting greater pressure on Russia and amplifying the sanctions already in place.

"Along with the unpredictability of war itself and the uncertainty surrounding global commodity supply chains, this makes for a potentially explosive situation," Dimon wrote.

His call for more sanctions comes as Western leaders have also demanded tougher action against Moscow after evidence of potential war crimes was uncovered over the weekend in Ukrainian towns that Russian troops previously occupied.

In his wide-ranging letter to shareholders, Dimon also warned that JPMorgan faces a loss of around $1 billion from its exposure to Russia.

Meanwhile, he noted that the war has highlighted the importance of economic relationships and trade, predicting that they will likely remain geopolitical issues for decades. Still, security concerns will trump other worries, he added.

"The war in Ukraine reminds us that in a troubled world, national security always becomes the paramount concern," Dimon wrote. "We should never again forget that this is true even in peaceful times – and we should never again be lulled into a false sense of security."