The Moscow Region arbitration court on Wednesday ordered a freeze on funds belonging to two US banking majors, JP Morgan Chase and The Bank of New York Mellon. The measure reportedly affects nearly 93.5 billion rubles ($1 billion) held by the institutions and their subsidiaries in the country. https://image.nostr.build/6f3c9a66aa00e500c296847f93441037fa48cb7e3dd08f70e93535cd0066393d.jpg The interim measure has been taken under a case filed with the court by Russia’s Prosecutor General late last month. The filing is the latest in a string of cases revolving around the liquidation of the International Reserve Bank (MR Bank), a subsidiary of Russian major Sberbank, by the Ukrainian authorities in early 2022. At the time of its liquidation, MR Bank held nearly $372 million at the two US banks, including some $250 million with The Bank of New York and $121.1 million with JP Morgan. The funds ended up out of reach of Sberbank, and its main shareholder, the Russian government, due to the actions of the Ukrainian authorities and financial restrictions introduced by the US, the prosecution argued. READ | XPOST