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JPMorgan Halts Finance in Russia Print E-mail
by Tom McGregor    Wed, Apr 2, 2014, 10:20 PM

The Wall Street bank JPMorgan has shut down its financial transactions in Russia.

The Moscow Times reports that, "JPMorgan has incurred the wrath of the Foreign Ministry after blocking a payment from a Russian Embassy, in what may be only the first such episode as foreign banks struggle to adapt to their new position in the foreign policy cross-fire triggered by the crisis in Crimea."

JPMorgan officials disclosed that they are only permitted to conduct financial transactions in Russia if they are granted a special waiver from US President Barack Obama.

According to the Moscow Times, "Bank Rossiya, the 15th-largest bank in Russia by assets, wound up on the U.S. sanctions list last month on account of its close ties with businessmen viewed as personal allies of President Vladimir Putin, including board chairman Yury Kovalchuk. U.S. officials said that the bank would be "frozen out of the dollar," Reuters reported."

Obama's ban on allowing Russian banks to wire funds of US dollars may end up boosting the value of the Russian currency, the Rouble.

To read the entire article from the Moscow Times, link here:

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