Russian Court Orders Seizure of JPMorgan Chase Assets Amid International Tensions

A Russian court ordered the confiscation of JPMorgan Chase’s assets, totaling $439.5 million, following a lawsuit by VTB Bank PJSC.

This move was in response to the Biden administration’s decision to allocate seized Russian assets to Ukraine. VTB aims to recover losses from the largest US bank.

The court mandates seizing funds from JPMorgan’s Russian accounts and properties. JPMorgan refrains from commenting. Amid international conflicts, US banks like JPMorgan become entangled. In retaliation, JPMorgan countersues in the US. Goldman Sachs plans to close its Russian operations.

Leaving Russia requires Putin’s approval. Previously, Otkritie secured $36 million from Goldman Sachs. Volkswagen faced similar asset seizure last year.