JPMorgan Chase, BNY Mellon and other banking giants in Russia have just had $372m of their cash frozen by a Russian court.
The decision was made by the Moscow Region Arbitration Court. Reuters reports that it follows the Ukrainian Central Bank’s decision to revoke MR Bank’s license, a Russian subsidiary.
The Russian deputy prosecutor has asked for the assets of US banks to be frozen “to defend the Russian Federation’s interests.”
The prosecution is seeking the full recognition by Sberbank of assets held by JPMorgan, BNY and $121 Million.
In response to Russia’s invasion of Ukraine, the Biden Administration froze more than $300 billion in Russian central bank reserve funds and sanctioned major Russian financial institutions including Sberbank, VTB and others.
Banks involved in the case have refused to comment publicly on this matter.
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The post “JPMorgan Chase, BNY Mellon and $372,000,000 frozen as Russian court orders asset lockdown” may be updated as new information becomes available.
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