Russian court orders confiscation of money in JPMorgan Chase accounts – Photo: REUTERS
According to Reuters news agency on April 24, the decision was made by the arbitration court in St Petersburg and the Leningrad region on April 22.
The court announced it had ordered the confiscation of all funds in JPMorgan Chase Bank accounts in Russia, including correspondent bank accounts and accounts opened in the name of branches.
However, the court did not confiscate shares and assets held by the JPMorgan Chase fund, or the domain name “jpmorgan.ru”.
JPMorgan Chase declined to comment on the Russian court’s ruling. While VTB Bank had no immediate comment.
Russia’s conduct of a “special military operation” in Ukraine in 2022 prompted the West to introduce a series of sanctions targeting the Russian financial system, including VTB Bank.
Previous sources said that among Russian credit institutions, VTB has a record amount of assets frozen due to sanctions, about 900 billion rubles (about 9.6 billion USD).
VTB Bank filed a lawsuit in Russian court on April 17, asking to get back 439.5 million USD frozen at JPMorgan Chase.
Immediately afterward, the largest bank in the United States filed a lawsuit against VTB in federal court in Manhattan (New York, USA) to block the confiscation attempt, which they considered a violation of the bilateral agreement, according to which disputes Disputes between credit institutions will be resolved in court in New York.
