A court in St. Petersburg arrested $440 million of JP Morgan’s Russian assets at VTB’s claim
Author of the photo: Mikhail Tikhonov
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This was done as an interim measure against VTB Bank’s claim. The latter is trying to recover from the American financial corporation its funds, which were unavailable after the imposition of sanctions. The bank also wants to sue former partners from the United States for 200 thousand rubles as compensation for legal expenses.
At a hearing on April 22, the court partially satisfied VTB’s demand. Funds in all bank accounts, including correspondent accounts, opened in the name of JP Morgan Chase Bank NA and nine of its divisions are subject to seizure. Shares in the authorized capital of the Russian commercial bank J.P. Morgan Bank International have been arrested.
In addition, a number of JP Morgan trademarks and any securities owned by the American bank and other defendants have been seized.
So far they refuse to comment on the decisions of the Russian court.
As Business Petersburg wrote, on April 18, JP Morgan Chase filed a lawsuit against VTB in federal court in Manhattan. The American bank demanded that VTB stop trying to get $439 million from an account that was blocked.
It follows from JP Morgan’s lawsuit that this is a response to VTB’s lawsuit against JP Morgan Chase, filed in a Russian court. The American side considers the actions of their Russian colleagues to be a violation of a bilateral agreement, according to which its participants must resolve disputes in a New York court. It also indicated that US laws prohibit the payment of frozen funds.
The US House of Representatives last week approved a bill to transfer assets to Russia to Ukraine. The draft law provides for the confiscation of assets and a ban on their unfreezing. In addition, the document talks about providing compensation to Ukraine with “the use of captured Russian assets” and their assets “for the reconstruction of Ukraine.”
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Tags: court Petersburg arrested million Morgans Russian assets VTBs claim
