While his friend and fellow Democrat Larry Fink used his latest annual letter to cheer for an accelerating transition to ESG while simultaneously warning about the fallout from "de-globalization" spurred by Russia's incursion into Ukraine, JPMorgan CEO Jamie Dimon warned Monday in his own annual letter to investors that the US economy faces "unprecedented" risks from the confluence of COVID pandemic, high inflation and, of course, the situation in Ukraine.

"They present completely different circumstances than what we've experienced in the past – and their confluence may dramatically increase the risks ahead," Dimon said.

Dimon, who has repeatedly advocated for a 'Marshall Plan for energy' to help the Europeans wean themselves off of Russia's influence, also called on the US to turn up the sanctions pressure on Russia.