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Global

JP Morgan says processing payment from Russian embassy


    MOSCOW (Reuters) - U.S. 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 U.S. 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 U.S. embassy and consulate in Russia.

    (Reporting by Megan Davies; Writing by Maria Kiselyova; Editing by Elizabeth Piper)