A St. Petersburg court froze the Russian assets of JPMorgan Chase & Co. pending consideration of a lawsuit from the country’s second-largest bank that seeks to recover about $440 million.
VTB Bank PJSC filed the suit against JPMorgan and its subsidiaries in the Arbitration Court of St. Petersburg and the Leningrad Region on April 17, according to the court’s database. While court documents didn’t detail the main basis for the suit, they said VTB had requested provisional steps because the defendants were “taking measures to withdraw their assets” from Russia while the state-controlled lender was seeking to recover about $440 million from JPMorgan.
