A Moscow court has ordered the freezing of approximately $251 million in assets belonging to The Bank of New York Mellon Corporation. This action was taken at the request of Russia's deputy prosecutor and is part of a larger dispute concerning the Ukrainian central bank's decision to revoke the license of MR bank, a Ukrainian subsidiary of Russia's Sberbank.
The Russian Prosecutor's Office characterized the Ukrainian regulators' actions as an 'expropriation' of MR bank's property, claiming damage to Russian state interests. BNY Mellon was implicated for allegedly holding significant amounts of MR bank's assets, leading to the court's decision to freeze these funds.
This legal and geopolitical development represents a direct financial exposure for BNY Mellon, with a substantial amount of assets being frozen. Such events can introduce uncertainty regarding the recoverability of assets and may impact the bank's operational flexibility in affected jurisdictions.
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