The announcements represent a major victory for this newspaper, which last week championed calls from consumer advocates for fees on gated funds to be dropped, or at least discounted. 

Initially most fund houses said fees would remain in place. Critics said it was “unfair” and morally questionable to carry on charging investors who were barred from pulling their investment even as it diminished in value.

Campaigner Robin Powell said the past two weeks had been incredibly stressful for savers and welcomed the news. “It’s encouraging to see campaigning journalism can make a difference. Let’s hope that, next time, fund companies won’t need to be cajoled into doing the decent thing,” he said. 

“There’s no excuse for other firms not to follow. Managing other people’s money is extremely lucrative and it’s only fair fund managers share some of the pain when things go wrong.”

Fund firm Schroders has refused to drop the 1.87pc charge on its £1.3bn Emerging Europe fund, which has also been suspended. Investors have seen their savings drop by around a quarter since the invasion. 

The fund’s largest holding is the Russian state-owned oil giant Gazprom, which makes up almost 9pc of the fund, followed by Sberbank, the state-owned bank, which accounts for 8pc. The firm justified the ongoing charging by saying it was still actively managing investors’ money. 

JP Morgan waived the fees on a number of its suspended funds which invest in the region from day one.