Russia’s Sberbank says has no problems with JP Morgan

MOSCOW, Feb 7 (PRIME) -- Russia’s largest bank Sberbank has rejected media reports that J.P. Morgan has virtually ceased settlement operations with the bank’s clients, it said in a press release late Thursday.

“We consider any information of any ‘cooling down’ of relations between Sberbank and banks of the J.P. Morgan Chase group unjustified, because cooperation with them has been successfully developing for many years, including in the settlement business,” the statement read.

Business daily Kommersant reported Thursday that Sberbank and VTB Bank, Russia’s second largest bank, could not transfer client payments via J.P. Morgan, which had tightened its approach to transparence controls.

Sberbank said that it can choose partners and determine the most convenient mode of payments independently.

“Sberbank has no difficulties in making payments via J.P. Morgan Chase Bank or other providers of clearing services,” the statement read.

End