$372 million have now been frozen from two massive banks according to a court order which put the assets on lockdown.
A Russian court has frozen a total of $372 million held by major banks JPMorgan Chase and BNY Mellon in their Russian branches, according to reports from Reuters.
This decision was made by the Moscow Region Arbitration Court and follows the Ukrainian central bank’s revocation of MR Bank’s license, which is a subsidiary of Russia’s Sberbank.
Russia has accused Ukraine, along with the two U.S. banks, of unlawfully seizing MR Bank’s assets.
As a result, the deputy prosecutor of Russia requested the court to freeze the American banks’ assets to protect the interests of the Russian Federation.
Prosecutors are aiming for the court to officially recognize $121 million held by JPMorgan and $251 million held by BNY Mellon as part of Sberbank’s property.
This court action comes after the Biden administration froze over $300 billion of Russian central bank reserves and imposed sanctions on significant Russian financial institutions, including Sberbank and VTB, in reaction to Russia’s invasion of Ukraine.
Neither bank has publicly commented on the situation.
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