Citing sources 'in the know', The Wall Street Journal reported Monday that the settlement of the $22.5 billion lawsuit between The Bank of New York Mellon Corp and the Russian government is apparently on the cards for up to $14 million, with both sides also agreeing to hold talks about a trade-financing pact.

Though the proposed settlement necessitates the final approval of the Russian government, it is quite likely that an agreement might be reached before the next court hearing scheduled for October 20.

It was in a Moscow commercial court that lawyers for Russia had brought the case, based on the US anti-racketeering laws. As such, Bank of New York held the opinion that even if Russia had finally managed to win the case, the court ruling would not have had any bearing elsewhere. In fact, legal observers also criticized the lawsuit saying that Russia was breaching the rule of law.

The lawsuit sought to collect damages pertaining to a US Justice Department probe into a late 1990s scandal, in which a Bank of New York Vice President was accused of sneaking over $7 billion out of Russia.

According to the court documents, the settlement amount by Bank of New York would essentially cover court costs; and the Russian customs service's American lawyers would be entitled to nearly 29 percent of the final settlement.