A Russian court ordered the seizure of roughly $439.5 million that state-owned VTB Bank held in JPMorgan Chase accounts in the country, according to a filing seen Wednesday by Reuters and CNBC.
The court order permits the funds in JPMorgan’s Russian accounts to be seized, along with “movable and immovable property,” including correspondent accounts and the U.S. bank’s stake in a Russian subsidiary, CNBC reported.
The ongoing legal battle revolves around funds frozen in the wake of Russia’s invasion of Ukraine and subsequent sanctions. Under U.S. sanctions law, neither bank can access the funds.
