A court in St. Petersburg, Russia, ruled on Wednesday to freeze the assets of JPMorgan Chase Bank in Russia until a lawsuit filed by the second largest bank in the country is considered, aiming to recover about $440 million.
VTB, second largest bank in Russia, filed a lawsuit against JPMorgan and its subsidiaries before the Arbitration Court in St. Petersburg and Leningrad on April 17, according to the court’s database.
Although the court documents did not detail the main basis of the lawsuit, they said VTB had requested interim measures because the defendants were “taking steps to divest their assets” from Russia, while the state-owned bank sought to recover about $440 million from JP Morgan.
The court agreed to freeze the funds in JPMorgan's accounts in Russia, its share in a Russian bank affiliated with it, and property rights related to some trademarks.
The next hearing in the case was set for July 17.
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