A Russian court has seized the Russian assets of the largest US bank JP Morgan Chase

ER Editor: VTB is a bank, referred to in the report below. See link. It seems that JP Morgan Chase had blocked funds of around US$440 million belonging to VTB over ‘invading Ukraine’. VTB was making an effort to get those funds back, and earlier this month JP Morgan Chase sued VTB in New York to stop VTB’s efforts to get back its own funds. Now this from the Arbitration Court of St. Petersburg — 

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A Russian court has seized the Russian assets of the largest US bank JP Morgan Chase

PRAVDA-EN

The Arbitration Court of St. Petersburg and the Leningrad Region has seized the Russian assets of the largest US bank JP Morgan Chase in a lawsuit filed by VTB for a total of $439.5 million, which have been frozen in JP Morgan accounts since 2022.

In addition, the court seized property rights in respect of a number of trademarks owned by JPMorgan Chase Bank and any securities owned by the American bank and other defendants.

On April 17, VTB filed a lawsuit against nine structures of JP Morgan Chase & Co., including the Russian “daughter” bank JP Morgan Bank International, to recover funds blocked after the imposition of sanctions.

In response, JP Morgan filed a lawsuit in a New York court on April 18, demanding that VTB stop its efforts to recover $439.5 million from an account that was blocked after sanctions were imposed against the Russian state bank, while stating that VTB’s lawsuit is a “blatant violation.”

JP Morgan justified its statement by saying that VTB opened a correspondent account in 2008 in dollars to process transactions through the US financial system. Thus, it agreed to the terms of account management at this bank, including the fact that any account can be frozen if necessary due to sanctions, and any dispute should be considered only in a New York court. In addition, the American bank stressed that US law prohibits it from returning funds to VTB from a frozen account.

VTB estimates the total amount of blocked assets at about 900 billion rubles.

Source

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Published to The Liberty Beacon from EuropeReloaded.com

 

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