The largest US bank expects the confiscation of its assets in Russia

On Wednesday, the largest American bank JPMorgan Chase announced that its assets in Russia could be confiscated, reports news agency Reuters.

This may be the result of a decision by the Russian arbitration court to seize the Russian assets of an American bank, adopted on April 24 at the request of VTB Bank. A Russian bank has demanded JPMorgan Chase reimburse it for $439.5 million that was frozen in its US bank accounts as a result of US government sanctions following Russia’s invasion of Ukraine. JPMorgan Chase responded with a lawsuit in a US court, demanding that VTB’s claims be declared illegal because it acted in accordance with US law, and any property disputes between the two banks should, according to their agreement, be resolved in court in New York. The American bank fears that its assets in other countries may be at risk of seizure as a result of the decision of the arbitration court in Russia.

According to JPMorgan Chase, the amount of claims against him significantly exceeds the value of his assets in Russia. According to Reuters sources, these assets include funds in bank accounts, real estate and office equipment.