A Russian court docket simply froze $372 million owned by banking giants JPMorgan Chase and BNY Mellon – money that the banks had been holding of their Russian branches.
The transfer got here from the Moscow Area Arbitration Courtroom, studies Reuters, and follows the Ukrainian central financial institution’s determination to revoke the license of MR Financial institution, a subsidiary of Russia’s Sberbank.
Russia accuses Ukraine and the 2 American banks of unlawfully taking MR Financial institution’s property, and Russia’s deputy prosecutor requested the court docket to freeze the US banks’ belongings “in defence of the pursuits of the Russian Federation.”
Prosecutors are looking for full recognition of $121 million held by JPMorgan and $251 million held by BNY as Sberbank’s property.
The court docket’s transfer comes after Biden administration froze over $300 billion of Russian central financial institution reserves and imposed sanctions on main Russian monetary establishments, together with Sberbank and VTB, in response to Russia’s invasion of Ukraine.
The banks concerned have declined to publicly touch upon the matter.
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