The court also seized some JP Morgan trademarks and any securities owned by the American bank.
The Arbitration Court of St. Petersburg and the Leningrad Region the Russian assets of the largest US bank JP Morgan Chase following a claim by the local VTB bank for $439.5 million. This was reported by Reuters on Wednesday, April 24.
The court ordered the seizure of all funds in JP Morgan bank accounts in Russia, including correspondent accounts and accounts opened in the name of a subsidiary.
The court also arrested shares in the authorized capital of the Russian commercial bank JP Morgan Bank International, owned by JP Morgan, and prohibited the disposal of shares in the capital of the Russian subsidiary. The court also seized some JP Morgan trademarks and any securities owned by the American bank and other defendants.
VTB’s case against JP Morgan is part of the Russian bank’s attempts to return funds frozen in foreign accounts after February 24, 2022.
In April 2024, JP Morgan Chase sued VTB in New York to stop trying to return $439.5 million from an account blocked in the United States. The Russian court did not seize securities and property belonging to JP Morgan funds, as well as the jpmorgan.ru domain.
In a complaint filed in Manhattan federal court in early April 2024, JP Morgan called VTB’s attempt to recover the money in Russia a “gross breach” of its dispute resolution agreement with New York. America’s largest bank said American law prohibited it from returning the $439.5 million.
Let’s remember that the United States is creating sanctions aimed at cutting off individual Chinese banks from the global financial system. Washington hopes this will curb China’s financial support for Russian military production.
Source: korrespondent
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