In a surprising move, a court in the Moscow Region has ordered a freeze on funds belonging to two major U.S. banks: JP Morgan Chase and The Bank of New York Mellon. This freeze affects a staggering amount of nearly 93.5 billion rubles, which is about $1 billion!
Why Did This Happen?
This court order is the result of a case filed by Russia’s Prosecutor General last month. It’s part of an ongoing legal battle concerning the liquidation of a bank called the International Reserve Bank (MR...