The US House of Representatives passed legislation to allow the transfer of seized Russian assets to Ukraine.
According to CNN – The measure approved by the House on April 20 will enable the executive branch to seize immobilized Russian assets and use them to help Ukraine’s defense and recovery efforts.
In response to the move by US lawmakers Russia confiscated $439 million from JPMorgan, the largest US Bank.
BRICS: Russia to Seize $440 Million From United States Largest Bankhttps://t.co/MTKJ3SGYIx
— BRICS News (@BRICSinfo) April 24, 2024
Amidst the geopolitical chess game following Russia’s invasion of Ukraine, a Russian court has decisively ruled in favor of state-owned VTB Bank, sanctioning the seizure of a staggering $439.5 million from JPMorgan Chase.
This action targets the funds previously frozen by the American financial giant under U.S. sanctions, highlighting a severe clash between international legal actions and national banking operations.
The directive issued by a St. Petersburg arbitration court not only captures JPMorgan’s cash reserves in Russia but also extends its grip to both movable and immovable assets of the bank, including significant shares in its Russian subsidiaries.
The court’s decision emerges from a lawsuit initiated by VTB aiming to recover the frozen funds, alleging that JPMorgan’s planned exit from Russia exacerbates the financial strife. The next discussion in this legal tangle is scheduled for July 17, promising further developments in this high-stakes financial drama.
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