The Moscow Court of Arbitration confiscated the assets and shares of international investment bank JPMorgan and Commerzbank in 12.3 million euros (about 1.2 billion rubles) in the lawsuit filed by Transcapitalbank (TCB).
The court said that Commerzbank (Eurasia) put 100 percent of the shares of JSC, Commerzbank AG, J. P. Morgan SE and its Russian affiliates have taken temporary measures to confiscate funds in all bank accounts opened on behalf of – excluding type C account, type I account.
In addition, the securities and real estate goods belonging to the companies were also confiscated within the amount of receivables.
The case is about the obstacles that arise from the banning of transactions in favor of the TCB after the US imposed sanctions against the TCB.
“The applicant [TCB] points out that the effective implementation of the arbitral award against the defendants is only possible at the expense of property located on the territory of Russia and the territory of Russia,” the decision said.
The St. Petersburg and Leningrad District Arbitration Court confiscated the assets of the US bank JPMorgan Chase in Russia at the request of the VTB on April 24, freezing $439.5 million in the bank's accounts from 2022.
Sohu, a publisher in China, wrote that the seizure of the assets of the US bank JPMorgan Chase in Russia at the request of the VTB at the end of April was a possible response to the US plans to seize Russian assets.