12:02 PM EDT, 05/02/2024 (MT Newswires) -- A Russian court has cancelled the seizure of some JPMorgan Chase ( JPM ) funds in the country in a lawsuit filed by Russian state lender VTB, Reuters reported Thursday, citing court documents.

But the ruling is only applicable to funds that JPMorgan ( JPM ) holds in accounts that cannot be transferred out of Russia and in a current account used to pay workers and taxes, the report said.

The seizure of funds at JPMorgan ( JPM ) had been ordered by the court after VTB sued the American bank for $439.5 million, the amount VTB said was blocked by JPMorgan ( JPM ) in its correspondent account in New York when the US sanctioned VTB, according to the report.

In its Form 10-Q filed Wednesday, JPMorgan ( JPM ) said that the value of the claims and the orders to freeze assets against it was higher than the total amount of available assets that it holds in Russia.

JPMorgan ( JPM ) declined MT Newswires' request for comment, while VTB didn't immediately respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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