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JPMorgan Chase to seek explanation from US authorities over sanctions against Russia

April 02, 2014, 13:22 UTC+3 NEW YORK
Earlier, the Russian FM said it regarded unacceptable JPMorgan Chase’s decision to block the Russian embassy’s money transfers to Sogaz under the pretext of anti-Russian sanctions imposed by the US
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© EPA/JUSTIN LANE

NEW YORK, April 02. /ITAR-TASS/. JPMorgan Chase will seek explanation from the American authorities over sanctions that had earlier been introduced against Russia, the bank said in a statement on Tuesday in response to an ITAR-TASS request to explain the reasons for blocking by JPMorgan a transfer by Russia’s embassy in Astana, the capital of Kazakhstan, to Sogaz, an insurance company part-owned by Bank Rossiya, one of the targets of US sanctions announced on March 20.

“As with all US financial institutions that operate globally, we are subject to specific regulatory requirements,” says a statement forwarded by JPMorgan Chase spokeswoman Jennifer Zuccarelli. “We will continue to seek guidance from the US government on implementing their recent sanctions.” The bank declined further comment.

There is a lot of confusion ... as to what might be the full scope of the sanctions and what we are hearing is while the sanctions are specific, a lot of US companies are adopting a much more risk-averse or cautious approach. There is almost self-sanctioning going on Chris Weafer partner at Macro Advisory

According to American media reports, Sogaz is partially owned by the Abros company which, in turn, is a subsidiary of Bank Rossiya, against which Washington in March had introduced sanctions under the pretext that Bank Rossiya was controlled by persons from the inner circle of the Russian leadership.

The Russian Foreign Ministry said on Tuesday that it regarded unacceptable JPMorgan Chase’s decision to block the Russian embassy’s money transfers to Sogaz under the pretext of anti-Russian sanctions imposed by the United States in response to reunification of Crimea with Russia.

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