In a striking development, the assets of key U.S. financial entities, including JP Morgan Chase and the Bank of New York Mellon, have been frozen in Russia. The Moscow Arbitration Court, on a Wednesday ruling, sanctioned the seizure of assets totaling around $375 million, following a plea from Russia’s Deputy Prosecutor. This move is aimed at safeguarding Russia's financial interests amid escalating legal tensions.
The decision is a response to the unfolding scenario involving MR Bank, a Ukrainian subsidiary of the Russian banking giant Sberbank. The National Bank of Ukraine is planning to strip MR Bank of its license and dissolve it by 2025, a move that Russian authorities view as an unjust confiscation of assets. Consequently, Russian legal officers have launched suits against Ukrainian regulatory bodies and the implicated U.S. banks, alleging illegal actions that encroach on Sberbank’s rights.
The lawsuits contend that the sums of approximately $122 million with JP Morgan Chase and $253 million with the Bank of New York Mellon are rightfully Sberbank’s assets. Russian prosecutors argue these funds have been improperly blocked, restricting Sberbank—and indirectly the Russian government—from accessing the profits from MR Bank’s international dealings. They maintain that this blockage has significantly hampered Sberbank’s oversight and management of its Ukrainian branch, deepening the financial conflict between Russia and the U.S. banking institutions involved.

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