The Kyiv Independent
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Reuters: Russian court cancels confiscation of some JPMorgan assets in dispute with Russian bank.
A Russian court canceled the seizure of some of JPMorgan funds in Russia as part of a lawsuit with the Russian state-owned bank VTB, Reuters reported on May 2.
JPMorgan has faced several legal challenges with VTB largely as a result of U.S. and European economic sanctions on Russia and its financial institutions following the outbreak of the full-scale invasion.
VTB sued JPMorgan in a Russian court to force the American lender to recover $439.5 million of its assets in JPMorgan that was blocked following the implementation of U.S. sanctions.
JPMorgan then launched a lawsuit in a U.S. court in late April to prevent VTB from recovering $439.5 million. It argued that American law prohibited the lender from releasing the money, and VTB would try to seize its assets abroad if it prevailed in the Russia lawsuit.
The Russian court initially ordered the seizure of all blocked funds in JPMorgan accounts. However, this week, the court reversed this decision and ruled that only some of the JPMorgan assets would be seized. The funds that cannot be seized include "type C accounts," which cannot be transferred out of Russia, and current accounts used to pay staff and taxes.
Russian court documents indicate that JPMorgan has 243.3 billion roubles ($2.64 billion) of assets in Russia, 204.7 billion of which is in type C accounts.
The U.S. originally announced extensive economic sanctions against VTB Bank at the outset of Moscow's full-scale invasion of Ukraine on Feb. 24, 2022.
Since then, the U.S. and its partners have imposed extensive sanctions against Russian entities, individuals, and other actors aiding Moscow's aggression against Ukraine.
Syrskyi: Russia expanding attacks in Kharkiv Oblast, 'tough battles ahead'.
Syrski's comments came a day after President Volodymyr Zelensky told journalists Russian troops were able to advance as far as 10 kilometers (6 miles) deep during their offensive in Kharkiv Oblast, but the front in the region has been stabilized.
Media: Ukrainian coal businessman Kropachov detained.
Ukrainian businessman Vitaliy Kropachov is the owner of the Ukrdoninvest Group of companies with assets in the coal industry, machine-building, construction, transportation, and media.
Zelensky: No reports of artillery shortages for past 2 months.
Over the winter months, Ukraine's armed forces suffered a "critical" shortage of artillery shells, in large part due to delays in U.S. military aid.
Zelensky: Russia's Kharkiv Oblast offensive reaches 10 km in some areas, halted by 1st defense line.
Russian troops were able to advance as far as 10 kilometers (6 miles) deep in some areas during their offensive in Kharkiv Oblast, but the front in the region has been stabilized, President Volodymyr Zelensky told journalists on May 16.
Police: Russia using civilians in Vovchansk as human shields.
Serhii Bolvinov, the head of the investigative department of the police of the Kharkiv Oblast, said on air on Suspilne that up to 40 civilians, most of them elderly, had been taken captive when trying to escape Russian shelling.
Plane catches fire after landing in the US
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Bohemians-Palestine match: 'We will go home knowing we are not alone'.
The historic first match in Europe by any senior Palestine national football team will take place in Dublin’s Dalymount Park. Video: Enda O'Dowd
JP Morgan boss: It doesn't have to be war with China.
The head of the world's biggest bank has told Sky News the West should "fully engage" with China rather than seeking confrontation. Jamie Dimon, chief executive of JP Morgan Chase, said the US was taking the right approach by holding talks with Be...
Four kids left: The Thai school swallowed by the sea.
Ban Khun Samut Chin, a coastal village in Samut Prakan province, Thailand, has been slowly swallowed by the sea over the past few decades. Subscribe to The Guardian on YouTube ► This has led to the relocation of the school and many homes, resultin...
This is where Donald Trump could take the witness stand.
Former federal prosecutor Katie Cherkasky makes the case as to why Michael Cohen's testimony cannot 'be believed' during 'Fox & Friends First' after he admitted to several lies while on the witness stand. #FoxNews Subscribe to Fox News! Watch more...
Watch live: Urgent Question on Georgia unrest and Ukraine war in House of Commons.
Watch live as Jim Shannon MP asks the Secretary of State for Defence if he will make a statement on Russia’s aggression relating to Ukraine and the situation in Georgia. It comes as the head of the Ukrainian police force in the Kharkiv region has ...