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JP Morgan to process payment for Russian embassy, easing tension

JP Morgan to process payment for Russian embassy, easing tension

JP Morgan Chase & Co is processing a payment from Russia’s embassy in Kazakhstan to insurance agency Sogaz, easing tension after Moscow accused the U.S. bank of illegally blocking the transaction under the pretext of sanctions.

Russia’s Foreign Ministry said on Tuesday the “unacceptable, illegal and absurd” act of blocking the payment would have consequences for the U.S. Embassy in Russia.

The confrontation threatened to further strain ties between Washington and Moscow, locked in the worst standoff since the Cold War over Russia’s annexation of Ukraine’s Crimea region.

“Following consultation with our regulators, we are processing this transaction,” JPMorgan said in a statement.

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