06:23 AM EDT, 10/03/2024 (MT Newswires) -- A Russian court froze $372 million in funds belonging to Bank of New York Mellon ( BK ) held by Citibank's (C) Russian branch, as well as funds belonging to JP Morgan Chase (JPM) held by Morgan Chase Bank's Russian affiliate, Reuters reported late Wednesday.

The decision was prompted by Russia's deputy prosecutor in light of Ukraine's plans to shutter MR Bank, a Ukrainian unit of Russia's largest bank, Sberbank, by next year.

Bank of New York Mellon ( BK ), Citibank, and JP Morgan Chase did not immediately reply to MT Newswires' requests 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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