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.
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.
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.