Russian Court Freezes $155.8M in JPMorgan Accounts Amid VTB Dispute

A Russian court has ordered the seizure of $155.8 million in JPMorgan Chase accounts in Russia due to a dispute with state-owned VTB bank over blocked funds. VTB is seeking damages and has named nine defendants related to JPMorgan, including its Russian subsidiary.

In a significant legal development, a Russian court has acted to seize $155.8 million from JPMorgan Chase bank accounts in the country. This move comes amid a dispute with state-backed VTB, which is claiming damages over blocked funds abroad.

The court's order applies to funds held in any currency but excludes those in 'type C' accounts, which cannot be transferred out of Russia. The case, brought on October 7, implicates nine defendants associated with JPMorgan, including its local branch, JPMorgan International.

JPMorgan, the United States' largest banking institution, has acknowledged that the claims and asset freeze orders exceed its Russian assets. Meanwhile, a previous lawsuit filed by JPMorgan in the U.S. against VTB, related to a $439.5 million frozen account, was dismissed amid allegations of coercion by VTB.

(With inputs from agencies.)