Russian court orders seizure of JPMorgan Chase funds in VTB lawsuit [Reuters]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
MOSCOW, April 24 (Reuters) - A Russian court has ordered the seizure of funds in JPMorgan Chase bank accounts in Russia, court filings showed on Wednesday, in a lawsuit filed by state-owned bank VTB as it seeks to regain funds blocked abroad. JP Morgan Chase last week VTB in New York to halt its efforts to recover $439.5 million from an account that was blocked after Russia despatched its army to Ukraine in 2022 and VTB was hit with sanctions. JPMorgan Chase declined to comment on the Russian court's interim measures. VTB did not immediately comment on Wednesday. It has previously declined to comment on its legal disputes with JPMorgan Chase. The Arbitration Court of St Petersburg and the Leningrad Region's ruling was dated April 22. The court said it had ordered the seizure of all funds in JP Morgan bank accounts in Russia, including correspondent accounts and those opened in the name of a subsidiary. The court said it had not seized securities and property held by JP Morgan
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