Today’s News
A Russian court has frozen around USD 372 million in funds held by U.S. banks JP Morgan Chase and Bank of New York Mellon. The Moscow Region Arbitration Court made the decision on Wednesday, targeting funds held by the Russian branches of these banks.
Image Source: Coindesk
The move was initiated by Russia’s deputy prosecutor, who argued it was necessary to protect the interests of the Russian Federation following the Ukrainian central bank’s decision to revoke the license of MR bank, a subsidiary of Russia’s Sberbank, with plans to wind it up by 2025.
The prosecutor’s office launched the legal action late last month against Ukrainian regulators and the two U.S. banks, claiming the withdrawal of MR bank’s assets amounted to “expropriation” and infringed upon the state’s lawful interests.
The frozen funds include USD 121 million held in an account with JP Morgan Chase and USD 251 million held in an account with Bank of New York Mellon.
The court documents also revealed that Sberbank had been denied judicial control over MR bank and the ability to access its income. As a result, the Russian state “lost the opportunity to secure its own income from the activity abroad of MR bank.” Both Sberbank and JP Morgan declined to comment on the court ruling.
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