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Russian Court Orders Seizure of JPMorgan Funds in Russia

posted 243 days ago by Unknownsailor 243 days ago by Unknownsailor +52 / -0

Bifurcation of banking continues apace.

Archive Link: https://archive.is/rOXhg

Original Link: https://www.reuters.com/business/finance/russian-court-orders-seizure-jpmorgan-chase-funds-vtb-lawsuit-2024-04-24/

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– AntonioOfVenice 28 points 243 days ago +28 / -0

A Russian court has ordered the seizure of funds in JPMorgan Chase (JPM.N), opens new tab bank accounts in Russia, court filings showed on Wednesday, in a lawsuit filed by state-owned bank VTB (VTBR.MM), opens new tab as it seeks to regain funds blocked abroad.

JP Morgan Chase last week sued VTB in New York to halt its efforts to recover $439.5 million from an account that was blocked after Russia despatched its army to Ukraine in 2022 and VTB was hit with sanctions.

So Russia is trying to get stolen funds back, and the media frames this as "Russia victimizing poor JP Morgan".

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▲ 19 ▼

– HallucinatoryBeing 19 points 243 days ago +19 / -0

JP Morgan Chase is an unofficial arm of the government that absorbs bad banks due to Fed incompetence and ~~manipulates~~ """""speculates""""" on commodities, especially threats to the US Dollar like gold. The whores in the media have a vested interest to defend them.

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▲ 4 ▼

– current_horror 4 points 243 days ago +4 / -0

And when you say “the media”…

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