JPMorgan says its Russia assets may be seized after lawsuits in Russia, US

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.

Treczoks,

So why do they still have assets in Russia? There was more than enough time to fix that.

FenrirIII,
@FenrirIII@lemmy.world avatar

That money isn’t going to funnel itself

Hedup,

Well, tough shit. Maybe don’t invest in batshit insane dictatorships?

TechNerdWizard42,

Then nobody would do business with the US.

This is why BRICS is so important. Get the stupid Americans out of the world finance systems.

Corkyskog,

BRICS is a joke. It’s really only RIC that matters and China controls the whole game. Even relations between China and India have been souring for the last half decade.

Bonesince1997,

What the fuck are you still doing there?! Sponsoring war? Hope they robbed you blind.

Frog-Brawler,
Frog-Brawler avatar

Ok.

deft,

Interesting bridge to burn and build from both ends

Fuck JPM and also sounds like Russia is a little desperate wonder why

Jimmycakes,

This is why HSBC moves money for the cartels and mafias of the world. They ain’t gonna fuck with the people that hold their foreign assets.

AnAnonymous,

Fuck JPMorgan!!

Hobbes_Dent,

https://lemmy.world/pictrs/image/af805a55-91e2-4c79-8be6-c858aeac447a.gif

girlfreddy,
@girlfreddy@lemmy.ca avatar

JPMorgan might lose a lot of money and/or investments because they didn’t think Putin would target them.

https://lemmy.ca/pictrs/image/7e02fd49-6dc2-4610-8a2f-3f1a912da6fa.jpeg

FuglyDuck,
@FuglyDuck@lemmy.world avatar

also because they ignored sanctions.

prowess2956,

Yes, but that's when they were delivering returns for their shareholders

AnUnusualRelic,
@AnUnusualRelic@lemmy.world avatar

Can’t really sanction them for that, the board told them to do it, it’s not their fault!

tal,
@tal@lemmy.today avatar

What sanctions?

If you mean just having a business presence in Russia, it’s not generally-illegal for a multinational to do business in Russia, even today. There are certain people and businesses and industries that are off-limits, and there are (obviously, given this article) political risks. But as things stand, it’s definitely possible to do business in Russia without violating sanctions.

maynarkh,

Not illegal, but since other sanctions went into effect, it seemed obvious that even rich people’s assets are becoming fair game in this new hot/cold war we’re having.

It’s possible to do business in Russia, maybe even legal. Is it a smart thing to do? It’s the equivalent of the people travelling to Russia or NK for tourism, and finding out they will be made into hostages. The wealthy just thought that they are above the war, that the war only takes poor people’s lives, not rich people’s money.

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