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Serbian regulators shut down the go-to bank for Russian exiles, costing many their life savings
Serbian regulators revoked Alta Bank’s licence on 31 October, freezing savings held by many Russian emigrants and disrupting their businesses. The bank had become a popular choice among Russians in Serbia, and customers say they received no warning before branches closed.
Serbia’s Deposit Insurance Agency says compensation payments could start on 13 November, but customers can recover at most €50,000. More than 100 Russian entrepreneurs used Alta, according to a map compiled by the human rights group Kovcheg. One family, who moved to Serbia two years ago and opened a Japanese restaurant, says its savings exceed the insurance cap and that difficulty opening new accounts is making it harder to pay suppliers and rent.
In short
- Alta Bank’s licence was revoked on 31 October.
- Compensation is capped at €50,000 per customer.
- Russian emigrants and businesses face frozen savings and account access problems.
Explained simply
Many Russians moved to Serbia after Russia’s invasion of Ukraine, including people who left to avoid the war or restrictions on daily life and business. Some found it difficult to open accounts at established banks, so Alta Bank became a practical option for individuals and Russian-owned businesses.
Serbia’s Deposit Insurance Agency protects some bank deposits if a bank fails, up to a set limit. The licence decision therefore affects customers’ access to savings and their ability to keep businesses running, while the amount above the insurance limit may not be covered.