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April 2, 2014

Russian threat to retaliate over JPMorgan block

“Russia has threatened to retaliate against US diplomatic missions after JPMorgan Chase blocked a money transfer from a Russian embassy, in the clearest political fallout so far from sanctions imposed over the annexation of Crimea last month.”

“The Russian foreign ministry said JPMorgan had blocked 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.”

“‘If the American financial structure is expected to earn points in the eyes of the White House in this way, then that decidedly goes too far,’” the ministry said in a statement.”

“In Washington they need to understand: any hostile acts against Russian diplomatic missions not just constitute violations of international law, but are also likely to lead to counter-steps which will inevitably affect the work of the embassy and general consulates of the US in Russia. In that sense, JPMorgan Chase has done the US administration a disservice.”

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Read full Financial Times article here.

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