Source: Financial Times [UK]
“A Russian court has ordered the seizure of JPMorgan Chase funds totalling $439.5mn after state-owned lender VTB filed a lawsuit to ‘recover losses’ from the largest US bank. The funds are in accounts frozen after Russia’s full-scale invasion of Ukraine. The decision was published in the Russian court register on Wednesday. The court said it had ordered the seizure of all funds in JPMorgan’s accounts in Russia but not securities and other property including the domain jpmorgan.ru. VTB filed its lawsuit on April 17. The following day, JPMorgan Chase filed a lawsuit against the Russian lender in a US court to stop the seizure, seen as a violation of an agreement between the two banks to settle disputes in New York.” (04/24/24)