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 — 


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


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.



Published to The Liberty Beacon from EuropeReloaded.com



The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)


Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.


Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.


Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.