The Moscow Arbitration Court has ruled that the US bank JP Morgan Chase must pay more than $5 million to Hong Kong-based GTLK Asia, a subsidiary of Russia’s state-owned GTLK, which is under US sanctions.
The court found that blocking the funds in August 2022 violated Russian law. Although the contract between GTLK Asia and JP Morgan provided for disputes to be heard in Hong Kong courts under Hong Kong law, the Moscow court asserted jurisdiction over the case. Moreover, it applied Russian law, citing the counter-sanctions regulation.
Anna Zabrotskaya, Managing Partner at Nordic Star Law Offices in Russia, shared her opinion on the resolution of this case.
Details of the topic are in the Kommersant article.
Anna Zabrotskaya
Managing Partner, Attorney-at-Law