JPMorgan Chase says its Russia assets may be seized after lawsuits in Russia and US
- A Russian court ordered the seizure of funds in JPMorgan accounts after Russian state-owned bank sued to regain its funds blocked abroad
- Move not expected to affect American customers directly
JPMorgan Chase said its assets in Russia may be seized after lawsuits in Russian and US courts, the bank said in a filing on Wednesday.
The bank faces several legal challenges over its Russian dealings after the US and European nations imposed economic sanctions on Russia in response to its invasion of Ukraine.
The value of claims and orders to freeze assets exceed JPMorgan’s available assets in Russia, the largest US lender said. JPMorgan declined to comment beyond the filing.
A Russian court earlier this month ordered the seizure of funds in JPMorgan accounts after Russian state-owned bank sued to regain its funds blocked abroad.
Meanwhile, JPMorgan sued VTB Bank as the US lender sought to block VTB’s effort to recover $439.5 million.
JPMorgan Chase said its assets in Russia may be seized after lawsuits in Russian and U.S. courts
JPMorgan Chase boss Jamie Dimon
JPMorgan accused Russian courts of ignoring the bank’s contractual rights and obligations, and disregarding its inability to make various payments because of sanctions laws.
A Russian court directed that JPMorgan’s New York lawsuit be stopped.
JPMorgan said US law prohibits it from releasing funds to sanctioned companies, including VTB, which was put on the US Department of the Treasury’s sanctions list in February 2022.
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