UN confirms JP Morgan processed payment for Russian bank

The United Nations confirmed on Wednesday that JPMorgan processed a payment for the Russian Agricultural Bank.

"I wouldn't dispute that there was that there was a transaction involving JPMorgan that happened that happened earlier this month, but I don't have any details to provide about that at this stage," Deputy UN spokesperson Farhan Haq told reporters.

The United States gave JP Morgan permission to process payments for agricultural exports via the Russian Agricultural Bank, but the arrangement was no substitute for reconnecting the bank to the SWIFT system, two Russian sources told Reuters earlier on Wednesday.