Court orders seizure of $440M JPMorgan funds in lawsuit over US-Russia sanctions
NY Post
A Russian court ordered the seizure of $439.5 million in funds from JPMorgan Chase’s bank accounts in Russia that the largest American lender froze after the Ukraine invasion, according to a court filing.
The court’s ruling Wednesday comes after state-owned VTB Bank filed a lawsuit in a St. Petersburg arbitration court after the Russian bank was hit with sanctions following the invasion.
JPMorgan declined to comment on the Russian court’s interim measures.
VTB did not immediately comment on Wednesday. It has previously declined to comment on its legal disputes with JPMorgan Chase.
The Russian court ordered the seizure of all funds in JPMorgan’s Russian accounts as well as “movable and immovable property,” including the bank’s stake in a Russian subsidiary, according to a court order published by the Arbitration Court of St Petersburg and the Leningrad Region.
The ruling noted that the court had not taken securities and property held by JPMorgan, or the jpmorgan.ru domain.
