LONDON: JPMorgan Chase on Thursday won its bid to block Russia’s VTB Bank suing it in Russia over nearly $156 million, in the latest case brought at London’s High Court to try and stop Russian litigation.
The U.S. lender took legal action in London last year after VTB sued it in Russia, seeking $155.8 million after VTB was hit by Western sanctions after Russia’s invasion of Ukraine, which prompted JPMorgan to freeze VTB funds in various accounts.
JPMorgan argued that VTB’s Russian lawsuits were in breach of their previous agreement to settle any disputes through arbitration and applied for an anti-suit injunction in London, to prevent VTB pursuing its case in Russia.
Judge David Foxton ruled in JPMorgan’s favour on Thursday, saying in a written ruling that VTB’s pursuit of its lawsuits in Russia was “vexatious and oppressive”.
JPMorgan says interest income could rise this year even as uncertainty persists
JPMorgan declined to comment. VTB Bank had no immediate comment.
The dispute in London is just one strand of JPMorgan and VTB’s legal battle, which has also prompted litigation in New York.
JPMorgan is the latest financial institution to turn to courts in the West to try and stop litigation brought in Russia.
In February, UniCredit won a bid to overturn an anti-suit injunction the Italian bank had obtained against a subsidiary of Russian energy giant Gazprom, citing a potential 250 million euro fine it faced in Russia.
