Two U.S. banks operating in Russia had funds totaling around $372 million frozen by a Moscow court on Oct. 2.
The funds of the Bank of New York Mellon Corp. and JP Morgan Chase were allegedly frozen by the Moscow Region Arbitration Court in response to a Russian bank having its license withdrawn in Ukraine.
The funds were held in accounts at the Russian affiliate branches of Citibank and Morgan Chase Bank, Reuters reported.
The decision was supposedly “in defense of the interests of the Russian Federation” in connection with the Central Bank of Ukraine’s withdrawal of the license of MR Bank, a subsidiary of Russia’s Sberbank, which is the largest bank in Russia….