A Cambodian court has suspended an extradition request for a Russian property developer wanted in his homeland for allegedly embezzling millions of dollars.

A court in the capital Phnom Penh issued the ruling in a closed-door hearing Monday on Sergei Polonsky's fate.

The court also released the 41-year-old businessman, who was detained two months ago in Cambodia's southern coastal town of Sihanoukville following a request by Moscow.

It was not immediately clear whether Polonsky could still face extradition at a later date.

Court officials were not available for comment.

Polonsky was charged in Russia last year with embezzling more than 5.7 billion rubles ($175 million) from 80 property investors.

The International Criminal Police Organization, Interpol, recently added Polonsky to its "red list" of internationally wanted criminals for "large-scale fraud."