slowmonkey on Nostr: Russia has seized approximately $439.5 million from JPMorgan Chase’s bank accounts ...
Russia has seized approximately $439.5 million from JPMorgan Chase’s bank accounts in Russia, according to various reports. This move is part of a lawsuit filed by Russia’s state-owned VTB Bank against JPMorgan Chase, which seeks to recover the funds that were frozen in response to US sanctions imposed on Russia following its invasion of Ukraine in 2022.
The Russian court ordered the seizure of the funds, which include money in JPMorgan’s Russian accounts, as well as the bank’s stake in a Russian subsidiary and property rights related to some trademarks. This decision was made in response to VTB’s complaint that JPMorgan was taking measures to withdraw its assets from Russia while the lawsuit was ongoing.
JPMorgan Chase has filed a lawsuit in a New York federal court to halt VTB’s efforts to recover the funds, arguing that American law prohibits the release of the money. The bank claims that VTB’s prospects of success in the Russian lawsuit are uncertain, and that JPMorgan is simply abiding by US law by not releasing the funds.
The seizure of the funds is a significant development in the ongoing legal battle between JPMorgan Chase and VTB Bank, and highlights the complexities and challenges of navigating international sanctions and legal disputes.
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The Russian court ordered the seizure of the funds, which include money in JPMorgan’s Russian accounts, as well as the bank’s stake in a Russian subsidiary and property rights related to some trademarks. This decision was made in response to VTB’s complaint that JPMorgan was taking measures to withdraw its assets from Russia while the lawsuit was ongoing.
JPMorgan Chase has filed a lawsuit in a New York federal court to halt VTB’s efforts to recover the funds, arguing that American law prohibits the release of the money. The bank claims that VTB’s prospects of success in the Russian lawsuit are uncertain, and that JPMorgan is simply abiding by US law by not releasing the funds.
The seizure of the funds is a significant development in the ongoing legal battle between JPMorgan Chase and VTB Bank, and highlights the complexities and challenges of navigating international sanctions and legal disputes.
AI-generated answer. Please verify critical facts. Learn more