Russian Court Orders Seizure of $440M in JPMorgan Funds Amid Sanctions Dispute

The seizure follows a legal battle with state-owned VTB Bank, highlighting tensions between U.S. sanctions and Russian legal actions.

A Russian court has seized $439.5 million from JPMorgan Chase's accounts in Russia, escalating a legal dispute over funds frozen due to U.S. sanctions following Russia's invasion of Ukraine.
JPMorgan has responded by filing a lawsuit in New York, aiming to block VTB's efforts to recover the funds, citing a breach of their agreement to resolve disputes in U.S. courts.
The ruling includes the seizure of both movable and immovable property of JPMorgan in Russia, but securities and certain properties were exempted.
The next court hearing in Russia is scheduled for July 17, with JPMorgan facing significant legal and financial challenges.
The U.S. recently enhanced its ability to seize Russian assets with a new foreign aid bill, intensifying the geopolitical stakes of the legal battle.