JPMorgan Chase sued Russia's state-owned VTB Bank on Thursday to halt its efforts to recover $439.5 million from an account that was blocked after Russia invaded Ukraine and VTB was hit with sanctions. In a complaint filed in federal court in Manhattan, JPMorgan said VTB filed a lawsuit on Wednesday in Russia to recover the money in "blatant breach" of its agreement to have disputes addressed in New York.
JPMorgan Chase sued Russia's state-owned VTB Bank on Thursday to halt its efforts to recover $439.5 million from an account that was blocked after Russia invaded Ukraine and VTB was hit with sanctions. In a complaint filed in Manhattan federal court, JPMorgan said VTB filed a lawsuit on Wednesday in Russia to recover the money in "blatant breach" of its agreement to have disputes addressed in New York. The largest U.S. bank said American law prohibits it from releasing the $439.5 million, and VTB, Russia's second-largest bank, will try to seize its assets abroad if it prevails in the Russia lawsuit.