MOSCOW (Reuters) – A Russian court cancelled the seizure of part of JPMorgan Chase’s funds in Russia in a dispute with Russian state-owned bank VTB, according to a court document.
JPMorgan 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.
A Russian court last month ordered the seizure of funds in JPMorgan accounts after VTB sued to regain its funds blocked abroad.
(Reporting by Elena Fabrichnaya; Writing by Anastasia Teterevleva)
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