JPMorgan Chase is bracing for the possibility that its assets in Russia could be seized, according to a recent report.
Legal Battles and Seizure Order
A Russian court has ruled in favor of state-owned VTB Bank, ordering the seizure of JPMorgan’s accounts and other assets in Russia. The bank is facing a lawsuit in the U.S. as well, which could further trigger asset seizure.
Russian Exposure and Write-Off
In April 2022, JPMorgan wrote off $1.46 billion in assets related to Russia and those impacted by inflation. The bank’s Russian exposure was primarily in its investment banking and asset management divisions.
Uncertain Future
JPMorgan has not disclosed the value of its assets in Russia, but the bank has acknowledged that VTB’s claim exceeds its capital in the country. The bank is monitoring the situation and preparing for potential asset seizures.
