Russian court orders seizure of JPMorgan Chase funds in VTB lawsuit
by Yahoo Finance
Yahoo Finance— A Russian court has ordered the seizure of funds in JPMorgan Chase bank accounts in Russia, court filings showed on Wednesday, in a lawsuit filed by state-owned bank VTB as it seeks to regain funds blocked abroad. JP Morgan Chase last week sued VTB in New York to halt its efforts to recover $439.5 million from an account that was blocked after Russia despatched its army to Ukraine in 2022 and VTB was hit with sanctions.
CNBC—JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank. The escalation shows how American banks are struggling to navigate American sanctions rules more than two years after Russia's invasion of Ukraine.
BNN Bloomberg—Russian Court Freezes JPMorgan Assets Under $440 Million Claim. A St. Petersburg court froze the Russian assets of JPMorgan Chase & Co. pending consideration of a lawsuit from the country’s second-largest bank that seeks to recover about $440 million.
Bloomberg.com—Russian Court Freezes JPMorgan Assets Under $440 Million Claim. A St. Petersburg court froze the Russian assets of JPMorgan Chase & Co. pending consideration of a lawsuit from the country’s second-largest bank that seeks to recover about $440 million.