Russian court blocks JPMorgan Chase funds in VTB proceedings
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The Arbitration Court of St. Petersburg and the Leningrad Region has ordered the seizure of JPMorgan Chase & Co. bank accounts in Russia, after state-owned VTB Bank PJSC filed a lawsuit against the firm as it seeks to recover nearly $440 million in funds blocked abroad, Reuters reported. JP Morgan Chase recently sued VTB in New York to halt its efforts to recover these funds from an account that was blocked after the Ukraine war and VTB faced sanctions.
