U.S. monetary behemoth JPMorgan Chase mentioned in a submitting on Wednesday that its property in Russia could also be seized following the lawsuits in Russian and U.S. courts.
The financial institution faces a number of authorized challenges over its Russian dealings after the U.S. and European nations imposed financial sanctions on Russia in response to its invasion of Ukraine.
The worth of claims and orders to freeze property exceeds JPMorgan’s accessible property in Russia, the biggest U.S. lender mentioned. JPMorgan Chase didn’t specify the quantity of its property in Russia.
A Russian courtroom final month ordered the seizure of funds in JPMorgan accounts after Russian state-owned financial institution VTB sued to regain its funds blocked overseas.
Meanwhile, JPMorgan sued Russia’s VTB Bank because the U.S. lender sought to dam VTB’s effort to recuperate $439.5 million.
JPMorgan’s Russian property are price lower than VTB’s claims alone, a supply mentioned. These property may vary from money to actual property to workplace gear. JPMorgan declined to remark past the submitting.
It accused Russian courts of ignoring the financial institution’s contractual rights and obligations and disregarding its lack of ability to make numerous funds due to sanctions legal guidelines.
JPMorgan mentioned U.S. legislation prohibits it from releasing funds to sanctioned firms, together with VTB, which was placed on the U.S. Department of the Treasury’s sanctions listing in February 2022.
Separately, the financial institution expects to enter right into a decision with a 3rd U.S. regulator that can require it to pay a civil penalty of $100 million for reporting incomplete buying and selling knowledge to surveillance platforms, it mentioned.
The third company is the Commodity Futures Trading Commission (CFTC), the supply mentioned. Before this, the Fed and the Office of the Comptroller of the Currency had fined JPMorgan on the identical concern. The CFTC didn’t instantly reply to a request for remark.
Source: www.dailysabah.com
