A Russian court just froze $372 million owned by banking giants JPMorgan Chase and BNY Mellon – cash that the banks were holding in their Russian branches.

The move came from the Moscow Region Arbitration Court, reports Reuters, and follows the Ukrainian central bank’s decision to revoke the license of MR Bank, a subsidiary of Russia’s Sberbank.

Russia accuses Ukraine and the two American banks of unlawfully taking MR Bank’s property, and Russia’s deputy prosecutor asked the court to freeze the US banks’ assets “in defence of the interests of the Russian Federation.”

Prosecutors are seeking full recognition of $121 million held by JPMorgan and $251 million held by BNY as Sberbank’s property.

The court’s move comes after Biden administration froze over $300 billion of Russian central bank reserves and imposed sanctions on major Russian financial institutions, including Sberbank and VTB, in response to Russia’s invasion of Ukraine.

The banks involved have declined to publicly comment on the matter.

 

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The post $372,000,000 Frozen at JPMorgan Chase and BNY Mellon As Russian Court Orders Asset Lockdown: Report appeared first on The Daily Hodl.

A Russian court just froze $372 million owned by banking giants JPMorgan Chase and BNY Mellon – cash that the banks were holding in their Russian branches.

The move came from the Moscow Region Arbitration Court, reports Reuters, and follows the Ukrainian central bank’s decision to revoke the license of MR Bank, a subsidiary of Russia’s Sberbank.

Russia accuses Ukraine and the two American banks of unlawfully taking MR Bank’s property, and Russia’s deputy prosecutor asked the court to freeze the US banks’ assets “in defence of the interests of the Russian Federation.”

Prosecutors are seeking full recognition of $121 million held by JPMorgan and $251 million held by BNY as Sberbank’s property.

The court’s move comes after Biden administration froze over $300 billion of Russian central bank reserves and imposed sanctions on major Russian financial institutions, including Sberbank and VTB, in response to Russia’s invasion of Ukraine.

The banks involved have declined to publicly comment on the matter.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post $372,000,000 Frozen at JPMorgan Chase and BNY Mellon As Russian Court Orders Asset Lockdown: Report appeared first on The Daily Hodl.