12th Sep 2025 09:45
(Alliance News) - JPMorgan Emerging Europe, Middle East & Africa Securities PLC on Friday saw it shares tumble after it said the judgement awarding USD439 million in damages to Russia's VTB Bank has been upheld by a Russian court.
Shares in the London-based trust fell 11% to 218.83 pence on Friday morning in London.
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.
VTB's lawsuit from April last year sought to recover USD439.5 million in damages held with JPMorgan in New York, and awarded the judgement against JPM in October. JPM subsequently appealed the decision.
In July this year, the trust noted that the Russian court had postponed the appeal hearing in relation to the USD439 million claim against eight JPM legal entities and JPMorgan Emerging EMEA from July 2 to Wednesday this week.
JPMorgan Emerging EMEA on Thursday said the judgement was upheld in VTB's favour, with the trust expecting the bank to obtain a writ of enforcement in September through which it can collect against JPMorgan assets in Russia.
The trust noted that VTB is required to serve the writ on the Central Bank of Russia to initiative the process of execution.
"We will appeal further and seek a stay of enforcement but the court may permit enforcement to proceed in any event," said the trust.
By Christopher Ward, Alliance News reporter
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