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Russian court orders seizure of $155.8 mln in JPMorgan Chase funds in VTB lawsuit
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Russian court orders seizure of $155.8 mln in JPMorgan Chase funds in VTB lawsuit
Oct 11, 2024 3:53 AM

MOSCOW, Oct 11 (Reuters) - A Russian court has ordered

the seizure of funds in JPMorgan Chase ( JPM ) bank accounts in

Russia totalling $155.8 million, court filings showed, as

state-owned Russian bank VTB seeks damages over funds

blocked abroad.

The seizure was imposed on funds in any currency on all

JPMorgan ( JPM ) bank accounts, except those held in so-called type C

accounts which cannot be transferred out of Russia, the filings

from the St Petersburg Arbitration Court showed.

The cases were lodged on Oct. 7, the filings showed. VTB is

seeking damages from nine defendants related to JPMorgan ( JPM ),

including its Russian subsidiary JPMorgan International.

JPMorgan ( JPM ) and VTB did not immediately respond to requests for

comment.

JPMorgan ( JPM ), the largest U.S. bank, has said previously that

the value of claims against it and orders to freeze its assets

is greater than its available assets in Russia.

It has not specified the amount of those assets and has said

that U.S. sanctions prohibit it from releasing funds.

JPMorgan ( JPM ) in August asked a U.S. judge in Manhattan to

dismiss its lawsuit against VTB over a $439.5 million account

frozen after Russia sent troops into Ukraine in February 2022,

saying VTB "coerced" it into requesting the dismissal.

(Reporting by Elena Fabrichnaya and Alexander Marrow; editing

by Emelia Sithole-Matarise)

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