JPMorgan Assailed by Russia as Bank Blocks Payment - Bloomberg

JPMorgan Assailed by Russia as Bank Blocks Payment - Bloomberg:



"JPMorgan Chase & Co. (JPM) blocked a payment involving a Russian embassy, a decision described as “illegal and absurd” by the Foreign Ministry in Moscow.



The biggest U.S. bank thwarted a remittance from the Russian embassy in Astana, Kazakhstan, to Sogaz Insurance Group “under the pretext of anti-Russian sanctions imposed by the United States,” the ministry said yesterday in a statement on its website. Sogaz lists OAO Bank Rossiya, a St. Petersburg-based lender facing U.S. sanctions over the Ukrainian crisis, as a strategic partner on its website.



Interfering with the transaction was an “absolutely unacceptable, illegal and absurd decision,” Alexander Lukashevich, a ministry spokesman, said in the statement."



'via Blog this'