ST.-PETERSBURG, February 2 - RAPSI. A commercial court has upheld the VTB bank's appeal against a fine imposed for breaching competition law, the Supreme Commercial Court reports on its website.

The court has yet to explain the reasoning behind the decision.

VTB challenged the antitrust watchdog's resolution to fine the bank 150,000 rubles ($5,000) for a competition law violation, which boiled down to the company's failure to notify the authority about entering into a master deposit agreement with the St. Petersburg Finance Committee and the St. Petersburg Currency Exchange. The agreement regulates its parties' relations in the event of depositing city budget funds in the bank.

VTB Bank is Russia's second-largest bank in terms of assets. It was established in October 1990. The state owns an 85.5-percent stake in the bank.