Russian Court Orders Seizure of JPMorgan Funds as VTB Seeks Damages for Assets Blocked Abroad

A Russian court has ordered the seizure of JPMorgan Chase’s assets as part of a lawsuit by Russia’s second-largest bank VTB to regain its funds blocked abroad by sanctions, Reuters reported Friday, citing court documents.
The St. Petersburg Arbitration Court ruled to seize $155.8 million in any currency from all JPMorgan bank accounts, according to Reuters. 
It noted that the asset seizure does not affect funds held in so-called type C accounts, which cannot be moved out of Russia but also cannot be seized under presidential decrees.
VTB lodged cases on Oct. 7 seeking damages from nine JPMorgan-related defendants, including its Russian subsidiary JPMorgan International, Reuters said. 
The U.S. Treasury sanctioned VTB in February 2022 in response to Russia’s invasion of Ukraine.
JPMorgan has since faced several legal challenges over its Russian dealings.
It has said its available assets in Russia were less than the value of the claims and freezing orders against it, which VTB said amounts to $439.5 million worth of its assets frozen in the U.S.
Reuters previously reported, citing court documents, that 204.7 billion rubles ($2.1 billion) of JPMorgan’s 243.3 billion rubles ($2.5 billion) in Russia were held in type C accounts.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.