JPMorgan Chase is preparing for the prospect that its assets in Russia will officially be seized, according to a new report.
In a new filing, the bank says lawsuits in Russian and US courts may trigger an incoming seizure of the firm’s assets in the country, reports Reuters.
Two weeks ago, a Russian court sided with state-run lender VTB Bank in its push to recover $439.5 million that JPMorgan Chase allegedly froze in New York due to US sanctions.
The court ordered the seizure of JPMorgan’s accounts in Russia as well as all “movable and immovable property.”
Although it has not placed a dollar value on its assets in Russia, JPMorgan says the size of VTB’s claim exceeds the amount of capital that the US bank has in the country.
In April of 2022, following Russia’s invasion of Ukraine and wave of sanctions from the West, JPMorgan decided to write-off $1.46 billion in assets tied to Russia, along with assets that were “negatively exposed” to inflation.
Per the Associated Press,
“The bank said most of the Russian exposure was in its investment banking division as well as its asset management business…
JPMorgan Chief Financial Officer Jeremy Barnum said most of the Russian write downs were ‘name specific’ Russian companies and assets, as well as some Russian-related derivatives.”
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