12:47 PM EDT, 04/24/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) is trying to reclaim around $439 million in funds held by Russian authorities in a legal fight between the US financial institution and a state-owned bank in the aftermath of Russia's invasion of Ukraine, court documents show.

The US government froze many Russian assets held in the US soon after the war in Ukraine began in early 2022, including over $400 million deposited in a JP Morgan Chase account in New York by VTB Bank. The Russian bank sued April 17 on its home turf in a bid to recover its money, with the Arbitration Court of St. Petersburg this week issuing a preliminary order to seize JP Morgan's funds in bank accounts in that country.

A JP Morgan spokesman declined to comment Wednesday on the dispute. VTB did not respond to a message from MT Newswires seeking comment.

JP Morgan last week also filed a lawsuit against VTB in federal court in New York, contending prior agreements between the banks require any dispute to be resolved through arbitration procedures in the US.

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