JPMorgan Chase is making preparations for the possibility that its assets in Russia will be officially seized, as stated in a recent report. According to the bank, lawsuits in Russian and US courts could lead to the seizure of its assets in the country. Just two weeks ago, a Russian court ruled in favor of state-run lender VTB Bank, which was seeking to recover $439.5 million that JPMorgan Chase allegedly froze in New York due to US sanctions. The court ordered the seizure of JPMorgan’s accounts in Russia, as well as all movable and immovable property. While JPMorgan has not disclosed the value of its assets in Russia, it has acknowledged that VTB’s claim exceeds its capital in the country. In April 2022, following Russia’s invasion of Ukraine and the subsequent sanctions imposed by the West, JPMorgan decided to write off $1.46 billion in assets related to Russia, including those exposed to inflation. The majority of the write-offs were attributed to the bank’s investment banking division and its asset management business, according to JPMorgan Chief Financial Officer Jeremy Barnum. He stated that the write-downs primarily involved specific Russian companies and assets, as well as some Russian-related derivatives.