LONDON, June 5 (Reuters) - JPMorgan Chase ( JPM ) on
Thursday won its bid to block Russia's VTB Bank suing it in
Russia over nearly $156 million, in the latest case brought at
London's High Court to try and stop Russian litigation.
The U.S. lender took legal action in London last year after
VTB sued it in Russia, seeking $155.8 million after VTB was hit
by Western sanctions after Russia's invasion of Ukraine, which
prompted JPMorgan ( JPM ) to freeze VTB funds in various accounts.
JPMorgan ( JPM ) argued that VTB's Russian lawsuits were in breach
of their previous agreement to settle any disputes through
arbitration and applied for an anti-suit injunction in London,
to prevent VTB pursuing its case in Russia.
Judge David Foxton ruled in JPMorgan's ( JPM ) favour on Thursday,
saying in a written ruling that VTB's pursuit of its lawsuits in
Russia was "vexatious and oppressive".
JPMorgan ( JPM ) declined to comment. VTB Bank had no immediate
comment.
The dispute in London is just one strand of JPMorgan ( JPM ) and
VTB's legal battle, which has also prompted litigation in New
York.
JPMorgan ( JPM ) is the latest financial institution to turn to
courts in the West to try and stop litigation brought in Russia.
In February, UniCredit won a bid to overturn an
anti-suit injunction the Italian bank had obtained against a
subsidiary of Russian energy giant Gazprom, citing a
potential 250 million euro fine it faced in Russia.