April 13, 2018 / 12:01 PM / 2 years ago

JPMorgan Russian investment trust working to comply with US sanctions

LONDON, April 13 (Reuters) - JPMorgan’s Russian-focused investment trust said on Friday it was working with the U.S. Treasury’s Office of Foreign Assets Control to implement actions to ensure it is compliant with U.S. sanctions against Russia.

In a statement JPMorgan Russian Securities said only one of the companies it holds in its portfolio, United Company Rusal, is subject to the sanctions. This represented around 1 percent of the trust’s portfolio as of February.

“The board continues to track developments in the region closely with the assistance of JPMorgan Asset Management’s investment functions and compliance,” it said.

Reporting by Emma Rumney, editing by Silvia Aloisi

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