JPMorgan Chase is preparing for the possibility that its assets in Russia could be formally seized.
The bank said in a new statement that lawsuits have been filed in Russian and U. S. courts and that its assets in the country could be seized, Reuters reported.
Two weeks ago, a Russian court sided with state-owned lender VTB Bank, seeking the return of $439.5 million allegedly frozen in New York by JP Morgan Chase due to U. S. sanctions.
The court ordered the seizure of JP Morgan's accounts and all "movable and immovable property" in Russia.
JP Morgan did not disclose the amount of its assets in Russia, but said VTB's claims exceeded the amount of capital the US bank holds in Russia.
In April 2022, following Russia's invasion of Ukraine and a wave of Western sanctions, JP Morgan decided to write down $1.46 billion worth of Russia-related assets, as well as assets "adversely affected" by inflation.
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