Russia To Seize $440 Million From JPMorgan

The Kremlin-controlled VTB bank has initiated legal action against the largest US bank, JPMorgan, to retrieve funds stuck due to Washington’s sanctions.

The Russian arbitration court in St. Petersburg issued a seizure order targeting JPMorgan’s accounts and shares in its Russian subsidiaries, published in the Russian court register on Wednesday.

The dispute revolves around $439 million held by VTB in a JPMorgan account in the US, frozen under US sanctions.

VTB filed a lawsuit against JPMorgan after the latter moved the funds to an escrow account, unable to access them due to sanctions.

In response, JPMorgan filed a lawsuit in a US court to prevent asset seizure, citing its inability to compensate potential losses.

The court sided with VTB, ordering the seizure of JPMorgan’s Russian assets, Zero Hedge reported.

read more: https://www.zerohedge.com/markets/russia-seize-440-million-jpmorgan

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