Jakarta –
The Russian government began ‘revenge’ for the various sanctions they received from western countries led by the United States (US) after a military attack on Ukraine. This time the country froze several assets of the largest US banks.
Reporting from CNBC, Saturday (27/4/2024), a Russian court has ordered the freezing of assets belonging to banking giant JPMorgan Chase in that country. This decision was made to support the second largest bank in Russia, VTB, to recover their assets to US $ 439.5 million or Rp. lead the US.
The asset freezing order was issued on Wednesday (24/40) after VTB bank filed a lawsuit last week with the arbitration court of St. Petersburg, that funds frozen in the US would be repaid, and he asked for relief because JPMorgan said it planned to leave Russia.
“The court ordered the forfeiture of funds in JPMorgan’s accounts in Russia and other movable and immovable properties including the bank’s shares in Russian subsidiaries,” the court order said.
Regarding the asset freeze order, both VTB and JPMorgan declined to comment. This shows how JPMorgan lost almost half a billion dollars as a result of complying with US sanctions.
However, as a form of attack, JPMorgan filed its lawsuit against VTB last week in the Southern District Court of New York. In his lawsuit, JPMorgan tried to block VTB’s efforts by arguing that US law prohibits the bank from releasing US$439.5 million in VTB funds.
The largest bank in the US also said that the Russian company broke its contractual promise to seek redress in American courts, and instead sought a friendlier home in Russia.
(the)
2024-04-27 23:00:17
#Russia #revenge #big #banks #hit
