JPMorgan Chase said in a filing on Wednesday that its assets in Russia may be seized after lawsuits in Russian and U.S. courts.
The bank faces several legal challenges over its Russian dealings after the U.S. and European nations imposed economic sanctions on Russia in response to its invasion of Ukraine.
The value of claims and orders to freeze assets exceeds JPMorgan’s available assets in Russia, the largest U.S. lender said. JPMorgan Chase did not specify the amount of its assets in Russia.
A Russian court last month ordered the seizure of funds in JPMorgan accounts after Russian state-owned bank VTB sued to regain its funds blocked abroad.
So why do they still have assets in Russia? There was more than enough time to fix that.
That money isn’t going to funnel itself