Russia dropped a $22.5 billion lawsuit Thursday against Bank of New York Mellon after the company agreed to pay $14 million to settle a decade-old money-laundering case involving one of its former executives.

The agreement, announced in a joint statement, was expected after Finance Minister Alexei Kudrin said in September that Russia had reached a settlement with the bank under which it would receive no less than $14 million for court costs — the amount of a non-prosecution fee that the bank paid in the United States.