Largest US bank JPMorgan quitting Russia

The largest US banking holding JPMorgan is curtailing its activities in Russia, Report informs with reference to Bloomberg.

The bank said that it is also completing all its obligations in the Russian Federation.

Earlier JPMorgan analysts said that the sanctions slapped on Russia have significantly increased the likelihood of the country defaulting on the dollar and other government debt on the international market.

"Russia is due to redeem more than $700 million in government bonds this month. While it has theoretically enough reserves to cover the debt, in practice some asset freezes and other measures could affect its ability to pay. US sanctions on Russian government entities, countermeasures within Russia to limit foreign payments and failures in payment chains create serious obstacles for the Russian Federation to make payments on bonds abroad," the bank's analysts say.