MOSCOW: US bank JP Morgan said on Thursday it would process a payment from Russia's embassy in Kazakhstan to Russian insurance agency Sogaz after blocking it earlier this week over Ukraine-related US sanctions.
"Following consultation with our regulators, we are processing this transaction," the bank said in a statement. Russia's Foreign Ministry accused the bank on Tuesday of "illegally" blocking a payment from one of its embassies to an insurance agency "under the pretext of anti-Russian sanctions".
It suggested the action, which it called "unacceptable, illegal and absurd," would have consequences for the US embassy and consulate in Russia.
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