A Russian court has overturned the seizure of a portion of JPMorgan Chase’s assets in Russia, which had been the subject of a dispute with Russian state-owned bank VTB. JPMorgan had reported in a recent filing that its assets in Russia were at risk of being seized due to legal challenges in both Russian and U.S. courts.
The legal dispute stems from JPMorgan’s involvement in Russian dealings amid the imposition of economic sanctions on Russia by the U.S. and European nations in response to its invasion of Ukraine. Last month, a Russian court had ordered the seizure of funds in JPMorgan accounts after VTB filed a lawsuit to regain its blocked funds abroad.