JPMorgan Chase sues Russia's VTB Bank over effort to unfreeze assets [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
recover $439.5 million from an account that was blocked after Russia invaded Ukraine and VTB was hit with sanctions. In a complaint filed in Manhattan federal court, JPMorgan said VTB filed a lawsuit on Wednesday in Russia to recover the money in "blatant breach" of its agreement to have disputes addressed in New York. The largest U.S. bank said American law prohibits it from releasing the $439.5 million, and VTB, Russia's second-largest bank, will try to seize its assets abroad if it prevails in the Russia lawsuit. "Thus, JPMorgan is immediately facing a certain Russian judgment exposing its assets to seizure, without timely or assured recourse, simply because it is abiding, as it must, with U.S. law," JPMorgan's lawyers said. VTB did not immediately respond to emailed requests for comment. The dispute adds to pressures facing VTB, which was added to the U.S. Department of the Treasury's sanctions list in February 2022 following Russia's invasion of Ukraine. In February,
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JPM
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- 5/1/24 - Form 424B2
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