Russians in Serbia Count the Cost of Alta Bank’s Collapse

Serbia’s central bank shut down Alta Bank in late October, leaving thousands of customers, including many Russian residents, unable to access their money. The collapse has disrupted businesses and raised questions about regulatory oversight, as Alta had been a rare banking option for Russians who struggled to open accounts elsewhere.

The bank’s owner, Davor Macura, was arrested after prosecutors alleged he embezzled about €390 million over six years; he denies wrongdoing, and the money’s whereabouts are unknown. Insured deposits of up to €50,000 per customer are due to be paid through state-owned Poštanska štedionica, but payment dates have not been announced; larger claims will go through bankruptcy proceedings with no guarantee of recovery. Serbia’s central bank says the wider financial system remains stable.