A Russian court has frozen $372 million in assets held by JP Morgan Chase and the Bank of New York Mellon, following a legal dispute linked to MR Bank, a Ukrainian subsidiary of Russia’s largest bank, Sberbank. This decision, made by the Moscow Region Arbitration Court, comes after Russian authorities claimed that the Ukrainian central bank’s revocation of MR Bank’s operating license amounted to the “expropriation” of its assets
The funds frozen include $121 million from JP Morgan and $251 million from the Bank of New York Mellon. Russian prosecutors argue that these assets rightfully belong to Sberbank and that the loss of control over MR Bank’s foreign operations represents a significant financial blow to the Russian state.
This move is anticipated to escalate tensions between Russia and Western financial institutions, potentially affecting international banking relations amid the ongoing geopolitical conflicts between Russia and Ukraine. Neither JP Morgan nor the Bank of New York Mellon has publicly commented on the matter.