{"id":67688,"date":"2024-04-27T18:06:06","date_gmt":"2024-04-27T23:06:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=67688"},"modified":"2024-04-27T18:06:06","modified_gmt":"2024-04-27T23:06:06","slug":"russia-to-seize-440-million-from-jpmorgan","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=67688","title":{"rendered":"Russia To Seize $440 Million From JPMorgan"},"content":{"rendered":"
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Russia To Seize $440 Million From JPMorgan<\/a><\/h3>\n<\/header>\n
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Seizing assets?\u00a0Two can play at that game…<\/em><\/p>\n

Just days after\u00a0Washington voted to authorize the REPO Act<\/a>\u00a0– paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks – it appears Moscow has a plan of its own (let’s call it the REVERSE REPO Act) as a\u00a0Russian court has ordered the seizure of $440 million from JPMorgan<\/strong>.<\/p>\n

\"\"<\/picture><\/a><\/p>\n

The seizure order follows from\u00a0Kremlin-run lender VTB launching legal action against the largest US bank to recoup money stuck under Washington\u2019s sanctions regime<\/strong>.<\/p>\n

As The FT reports,<\/a>\u00a0the order, published in the Russian court register on Wednesday, targets funds in JPMorgan\u2019s accounts and shares in its Russian subsidiaries, according to the ruling issued by the arbitration court in St Petersburg.<\/p>\n

The assets had been\u00a0frozen by authorities in the wake of the western sanctions<\/strong>, and\u00a0highlights some of the fallout western companies are feeling\u00a0<\/strong>from the punitive measures against Moscow.<\/p>\n

Specifically,\u00a0The FT notes<\/a>\u00a0that the dispute centers on $439mn in funds that VTB held in a JPMorgan account in the US.<\/p>\n

When Washington imposed sanctions on the Kremlin-run bank, JPMorgan had to move the funds to a separate escrow account. Under the US sanctions regime, neither VTB nor JPMorgan can access the funds.<\/strong><\/p>\n

In response, VTB last week filed a lawsuit against the New York-based group to get Russian authorities to freeze the equivalent amount in Russia, warning that JPMorgan was seeking to leave Russia and would refuse to pay any compensation.<\/p>\n

The following day, JPMorgan filed its own lawsuit against the Russian lender in a US court to prevent a seizure of its assets, arguing that it had no way to reclaim VTB\u2019s stranded US funds to compensate its own potential losses from the Russian lawsuit.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Russia To Seize $440 Million From JPMorgan Seizing assets?\u00a0Two can play at that game… Just days after\u00a0Washington voted to authorize the REPO Act\u00a0– paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks – it appears Moscow has a plan of its own (let’s call it the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[6526,2267,694,827,834,4318],"class_list":["post-67688","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-asset-seizure","tag-jp-morgan","tag-russia","tag-united-states","tag-us","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67688"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67688\/revisions"}],"predecessor-version":[{"id":67689,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67688\/revisions\/67689"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}