Russian court revokes JPMorgan fund seizure

A Russian court overturned the decision to seize a portion of JPMorgan Chase’s assets in Russia amidst a legal dispute with VTB, a state-owned Russian bank, as per court documents cited by Reuters on Thursday.

JPMorgan had previously indicated in a Wednesday filing that its Russian assets were under threat of seizure due to ongoing litigation in both Russian and US courts.

The bank is currently navigating a series of legal hurdles related to its operations in Russia, further complicated by the economic sanctions imposed on Russia by the US and European countries in response to its Ukraine invasion.

Previously, a Russian court had ordered the seizure of funds in JPMorgan’s accounts following a lawsuit by VTB seeking to recover its funds blocked overseas. This order has now been rescinded, marking a new twist in this legal tussle.