JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank

• A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that VTB says the U.S. lender froze after the Ukraine invasion.
• The court ordered the seizure of funds in JPMorgan’s Russian accounts and “movable and immovable property,” including its stake of a Russian subsidiary, according to a filing published Wednesday.
• VTB had filed a suit last week in a St. Petersburg arbitration court seeking to be made whole for funds frozen in the U.S., asking for relief because JPMorgan has said it will exit Russia.

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– Court orders seizure of $440M JPMorgan funds in lawsuit over US-Russia sanctions:

A Russian court ordered the seizure of $439.5 million in funds from JPMorgan Chase’s bank accounts in Russia that the largest American lender froze after the Ukraine invasion, according to a court filing.

The court’s ruling Wednesday comes after state-owned VTB Bank filed a lawsuit in a St. Petersburg arbitration court after the Russian bank was hit with sanctions following the invasion.

JPMorgan declined to comment on the Russian court’s interim measures.