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Russian court upholds VTB Bank’s $439m claim against JPMorgan

Asset Management Correspondent

VTB filed a lawsuit against JPMorgan last year claiming damages as a result of sanctions imposed on Russian businesses following the country's invasion of Ukraine

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A Russian court has upheld an appeal in favour of state-owned VTB Bank, allowing it to obtain more than $400m from several JPMorgan entities, including one of its investment trusts with assets in the country.

The board of the JPMorgan Europe, Middle East and Africa Securities trust said in a stock market statement published on 11 September that a court had upheld a previous judgment awarding damages of $439m to VTB Bank.

JPMorgan Europe, Middle East and Africa Securities trust said it will appeal the decision

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