Washington (CNN) Commerce Secretary Wilbur Ross is rejecting "unfounded allegations" that he participated in insider trading following reports in The New York Times and Forbes scrutinizing a financial transaction he took part in involving a Kremlin-linked shipping firm.

"Recent press statements have made unfounded allegations that I engaged in insider trading due to transactions related to my divestiture of stock in Navigator Holdings," Ross said in a statement to CNN, referencing the shipping firm. "These allegations are completely false," he said.

The statement comes after the Times reported that Ross shorted stock in the company after finding out that journalists were working on "a potentially negative story about his dealings" with the firm.

Forbes first reported the transaction on Monday. According to the Times, the transaction is worth between $100,000 and $250,000 and occurred last fall.

In his statement to CNN, Ross said, "the bottom line is that I have complied with the ethics laws of the United States."

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