Russia Drops $22.5 Billion Suit Against BNY Mellon
Russia on Thursday dropped a $22.5 billion lawsuit against Bank of New York Mellon stemming from a decade-old money laundering case involving one of its former executives.

Bank of New York Mellon agreed to pay $14 million in court costs, the bank and Russia's federal customs service said in a joint statement.

The customs service formally asked the Moscow Arbitration Court to close the case and the court agreed, bank spokeswoman Natalya Miroyevskaya said from the courtroom.

Thursday's agreement was anticipated after Finance Minister Alexei Kudrin announced in September that Russia had reached a settlement with the bank under which it would receive no less than $14 million for court costs.