The Arbitration Court of St. Petersburg made a decision to block all JPMorgan accounts in Russia, including the accounts of subsidiaries, at the request of the Russian state bank VTB. This is reported by Reuters.
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VTB's case against JPMorgan is part of the Russian bank's attempts to return funds frozen after February 24, 2022 foreign accounts.
Last week, JP Morgan Chase filed a lawsuit against VTB in New York demanding that it stop trying to return $439.5 million from an account blocked in the United States.
The largest American the bank said that American law prohibits the return of funds to it.