J.P.Morgan

Business in Russia

Has a local affiliate serving legal entities. The United States gave JPMorgan (JPM.N) permission to process payments for agricultural exports via the Russian Agricultural Bank, but the arrangement was no substitute for reconnecting the bank to the SWIFT system. As Western companies and international investors rushed to exit Russia amid the Ukraine invasion and the sweeping sanctions that followed, they were desperate to swap their rubles for dollars. For currency traders at firms including Goldman Sachs, Citigroup and JPMorgan Chase & Co., it was easy money: They found a way to scoop up greenbacks at a low price and then sell them to those fleeing clients for a healthy markup without running afoul of sanctions, people with direct knowledge of the transactions said. Russian Agricultural Bank files lawsuit against JP Morgan. JPMorgan Chase won its bid to block Russia's VTB Bank suing it in Russia over nearly $156 million, in the latest case brought at London's High Court to try and stop Russian litigation. Russian court suspends €108 million claim against JPMorgan entities.

Decision trail

Decision date 24/04/2024 · Reference ↗

According to messages in the press, the company is winding down its business in Russia but cautiously returned to the market for Russian government and corporate bonds and buy Russian debt. Due to the unilateral decisions of American financial institutions, servicing of Gazprombank correspondent accounts in US dollars at JPMorgan Chase Bank and Bank of New York Mellon will be terminated. In this regard, we ask clients not to use Gazprombank for cross-border transfers in US dollars starting from January 27 inclusive. The Russian subsidiary bank of the American JP Morgan Chase, which announced the winding down of its operations in the country back in March 2022, became the largest foreign investment bank in Russia in terms of assets at the end of January–September 2023. The bank's assets overall grew more than fourfold over the past two years. A Russian court has ordered the seizure of JPMorgan Chase funds totalling $439.5mn a week after Kremlin-run lender VTB launched legal action against the largest US bank to recoup money stuck under Washington’s sanctions regime. JPMorgan Chase warns bank’s assets may be seized in Russia after $1,460,000,000 write-off. Goldman Sachs and JPMorgan in February 2025 started to offer investors ruble-linked derivatives.

Local stats (LeaveRussia)

Status history since 2022

1. 03/08/2026 — exited · Imported from KSE LeaveRussia

Exposure profile