JPMorgan Chase sues Russia's VTB Bank over effort to unfreeze assets

) 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.

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. In February, U.S. prosecutors charged VTB Chief Executive Andrey Kostin with criminal sanctions violations related to two yachts he owned, and a luxury home in Aspen, Colorado that he sold.JPMorgan said VTB opened its correspondent account in 2008 to process U.S. dollar transactions through the American financial system. It is seeking an injunction barring VTB's lawsuit, calling it necessary to avert"certain and irreparable harm," and requiring that VTB honor its account agreement.

The case is JPMorgan Chase Bank NA v VTB Bank PJSC, U.S. District Court, Southern District of New York, No. 24-02924.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.

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