In the Russian Federation, the court decided to seize 156 million dollars of the American bank JPMorgan Chase
Kyiv • UNN
A Russian court has arrested $156 million of JPMorgan Chase's assets following VTB's lawsuit. VTB is seeking to recover losses incurred due to the blocking of foreign assets after Russia's invasion of Ukraine.
A court in St. Petersburg, Russia, has ordered the seizure of $156 million of JPMorgan Chase's assets under VTB's lawsuit, UNN reports, citing Russian media.
Details
According to the Russian media, VTB has filed two lawsuits against JPMorgan's foreign subsidiaries and the Russian bank J.P. Morgan Bank International, one for 74.45 million and the other for 81.33 million. The Russian bank will demand to recover the losses that VTB suffered when its foreign assets were blocked after the invasion of Ukraine by Russian troops.
At the same time, VTB demanded to freeze the funds of all nine defendants, to prohibit the Russian J.P. Morgan Bank International from "disposing of the property it owns", and to seize JPMorgan Chase Bank's property rights in respect of a number of trademarks.
VTB representatives said that the court should take interim measures, as if it does not, the Russian bank may suffer "significant losses" and the enforcement of the court act will be "difficult or impossible." The judges partially granted VTB's request for interim relief, ordering the seizure of funds of only one of the nine entities, JPMorgan Chase.
