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JPMorgan Emerging Europe, Middle East & Africa Securities PLC on Friday said that a Russian court has suspended the claim against it and eight JPMorgan legal entities. The London-based trust said VTB Bank previously filed a lawsuit in Russia claiming $81.3 million against it and the eight entities. The company said the case will be suspended while the English appeal court considers VTB’s appeal of the decision to grant the JPMorgan entities an anti-suit injunction. No further hearing date has been set in the Russian court, JPMorgan Emerging noted. It said it is possible that VTB may appeal the suspension. VTB last year took action against JPMorgan after it was hit by Western sanctions following Russia’s invasion of Ukraine, which prompted JPMorgan to freeze VTB funds in various accounts. JPMorgan argued at the time 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. The court ruled in JPMorgan’s favour in June, saying in a written ruling that VTB’s pursuit of its lawsuits in Russia was ‘vexatious and oppressive’. Shares in JPMorgan Emerging Europe, Middle East & Africa Securities were up 6.8% at 290.00 pence in London on Friday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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