US sanctions against Russia have minimal impact for JPMorgan Russian Securities – The board of JPMorgan Russian Securities (JRS) has put out a comment on the recent additional US sanctions against Russia. It is clear from the published statement that the latest sanctions imposed by the US on Russian companies has a limited impact on the portfolio of the company.
On the 6th April 2018the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced further targeted sanctions on additional persons and entities under the Ukraine / Russia program. The board of JRS notes that only one of the companies that the company holds in its portfolio – United Company Rusal – is directly subject to the additional sanctions. Rusal, which is the world’s second largest aluminium company, represented approximately 1% of the company’s portfolio as at 28th February 2018.
The board confirmed in their published statement that JPMorgan Asset Management is working with OFAC to implement the necessary actions in order to be compliant with the newly introduced sanctions.
The board say that they will continue to track developments in the region closely, with the assistance of JPMorgan Asset Management’s investment functions and compliance, and the company remains invested within its guidelines.
JRS : US sanctions against Russia have minimal impact for JPMorgan Russian Securities