A Russian court ordered the seizure of funds from JP Morgan Chase totaling $439.5 million, relating to an account at Russian state bank VTB blocked following Western sanctions on Russia for its invasion of Ukraine.
According to news agencies, the court ordered the seizure of all funds in JP Morgan’s accounts in Russia, but not securities and other properties, including the jpmorgan.ru domain.
Last week, JP Morgan had announced a lawsuit against VTB in New York to halt its efforts to recover the frozen account, a move it saw as a violation of an agreement between the two banks to resolve disputes in New York.
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The Russian court order illustrates the difficulties American banks have had in fulfilling their promises to close their operations in Russia since Russian leader Vladimir Putin ordered war against Ukraine in February 2022.
O Financial Times highlights that other Western banks, such as Citigroup, Italy’s UniCredit and Austria’s Raiffeisen Bank International, still operate in Russia.
Tags: Russian court orders seizure US439 .5 million Morgan country
