JPMorgan Russian Securities said one of the companies it holds in its portfolio, United Company Rusal, was directly subject to additional sanctions imposed on Russia by the US.

Rusal represented about 1% of the company's portfolio as at 28 February, the fund said.

JPMorgan Russian Securities said its manager, JPMorgan Asset Management, was working with US authorities to implement necessary actions to be compliant with the sanctions, imposed under the Ukraine-Russia program.

'The board continues 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 the company's guidelines,' it said.

At 1:44pm: (LON:JRS) JPMorgan Russian Securities Plc share price was +4p at 469p