Russian court freezes funds of US banks JP Morgan and Mellon

The court decision said the action was initiated by Russia's deputy prosecutor "in defence of the interests of the Russian Federation" in connection with the Ukrainian central bank's withdrawal of the licence of MR bank with plans to wind up the bank by 2025. The prosecutor's office launched the action late last month against Ukrainian regulators and the two U.S. banks - Bank of New York Mellon and JP Morgan Chase Bank recognising the action as "expropriation" of the property of MR bank - Ukrainian subsidiary of Russia's largest bank, Sberbank.