Putin’s Revenge over Western Sanctions: Russia Freezes Assets of Largest US Bank

Putin’s Revenge over Western Sanctions: Russia Freezes Assets of Largest US Bank

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A St. Petersburg court ordered the freezing of funds owned by US banking giant JPMorgan Chase (among the main investors in the Weapons Lobby – Gospa News ed) in Russia on Wednesday. The ruling was made in favor of the country’s second-largest lender VTB, which ha filed a lawsuit seeking to recover $439.5 million that is blocked abroad under US-led sanctions.

VTB sued JPMorgan and its subsidiaries in the Arbitration Court of St. Petersburg and Leningrad Region on April 17, court filings showed on Monday. The order targeted funds in JPMorgan’s Russian accounts and “movable and immovable property,” including the bank’s stake in a Russian subsidiary. 

The dispute centers on $439.5 million in funds that VTB held in a JPMorgan account in the US, which were blocked by Washington as part of Ukraine-related sanctions in 2022.

The court ordered the seizure of all funds in JPMorgan bank accounts in Russia, including correspondent accounts and those opened in the name of a subsidiary.

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It also revealed that VTB had requested interim steps because the respondents were “taking measures to withdraw their assets” from Russia, while the Russian lender was seeking to recover money from the US bank.

In its own lawsuit against VTB last week in the Southern District of New York, JPMorgan sought to block the Russian bank’s efforts, noting that US law prohibited the bank from releasing the $439.5 million owned by VTB.

JPMorgan is concerned that VTB will try to seize its Russian assets, Reuters reported on Wednesday, citing the US lender.

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The Wall Street bank admitted to the outlet that VTB’s prospects were good, since Russian courts had granted at least six other local lenders relief against US and EU banks that were required to comply with sanctions laws.

The next hearing in the JPMorgan case is scheduled for July 17.

Originally published by RT (former Russia Today)

All links to previous Gospa News articles have been added in the aftermath for the ties with the topics highlighted


Moscow delegate: Trivial Theft of frozen Russian assets for Arming Kiev

Moscow’s response to the confiscation of frozen Russian assets by the United States for subsequent transfer to Kiev will have no timeframe, Konstantin Gavrilov, Russia’s chief delegate to the Vienna talks on military security and arms control, said at the plenary session of the OSCE Forum for Security Cooperation.

“The further involvement of Washington and its allies in the Ukrainian conflict will entail an unconditional and resolute response. This concerns plans for the trivial theft of frozen Russian assets, to which the US President Joe Biden’s administration is being given the green light in Congress. The US will have to be brought to account for this decision. We will take retaliatory measures corresponding to our interests without any timeframe set,” Gavrilov said.

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On Tuesday, the US Senate approved a package of bills to provide military aid to Ukraine, Israel and Taiwan, to confiscate Russia’s frozen assets for their transfer them to Kiev, and to impose additional sanctions on China.

On April 20, the bills were approved in the US House of Representatives. The total volume of the package amounted to $95 billion. It includes, in particular, $61 billion for Ukraine, $26 billion for Israel, as well as funds for humanitarian aid to civilians in conflict zones, including the Gaza Strip. After approval by the Senate, the package will go before Biden for signature. The US leader has already promised to sign it on April 24 so that Washington should be able to resume arms deliveries to Kiev this week.

Originally published by TASS Russian News Agency

All links to previous Gospa News articles have been added in the aftermath for the ties with the topics highlighted

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