‘I have two days until the food in my fridge runs out’: Thousands of Russian emigrants left scrambling after Serbia shuts down Alta Bank, freezing their savings

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1. 2h ago

   Serbia Shuts Down Alta Bank, Freezing Russian Emigrants' Savings

   Serbia's central bank revoked the operating license of Alta Bank, trapping the savings and salaries of thousands of Russian emigrants and triggering widespread financial panic. Many affected depositors used the institution because it was one of the few local lenders that readily opened accounts for Russian relocants, holding funds from property sales in Russia alongside daily living expenses. Serbian authorities pledged to reimburse lost deposits of up to 50,000 euros once bankruptcy proceedings officially commence. Meanwhile, impacted individuals across the country have organized mutual aid networks to help each other survive the sudden cutoff.

   Why it matters

   Alta Bank became a primary financial hub for Russian expatriates following Moscow's 2022 invasion of Ukraine. The abrupt closure occurred shortly after recent parliamentary elections, prompting local prosecutors to open investigations into suspicious transfers made during the bank's final days. The collapse has also sparked secondary economic anxiety among depositors in neighboring North Macedonia.

   What is confirmed

   • On October 30, the National Bank of Serbia revoked the operating license of Alta Bank due to deteriorating finances.
   • Serbia police arrested Davor Macura, the owner of Alta Bank.
   • Serbian authorities promised to repay up to 50,000 euros in lost deposits once bankruptcy proceedings formally begin.

   Still unconfirmed

   • Bankruptcy proceedings for Alta Bank were expected to formally begin on November 2.

   What to watch next

   • Formal initiation of bankruptcy proceedings and the start of deposit repayments up to 50,000 euros
   • Results of the local prosecutor investigation into suspicious transfers made during the bank's final days
   Sources used for this update (10)

   1. Financial Times — Serbia shuts down bank favoured by Russians
   2. Meduza — ‘I have two days until the food in my fridge runs out’: Thousands of Russian emigrants left scrambling after Serbia shuts down Alta Bank, freezing their savings
   3. Bloomberg.com — Serbia Police Arrest Macura, Owner of Alta Banka, N1 Reports
   4. Студенти побеђују — Preserving financial stability comes first
   5. IntelliNews — Alta Banka crisis sparks panic among depositors in North Macedonia
   6. meduza.io — ‘I have two days until the food in my fridge runs out ...
   7. meduza.io — Russians in Serbia organize mutual aid after Alta Bank ...
   8. globalhappenings.com — Alta Bank in Serbia shuts down, freezing Russian savings
   9. hamerintel.com — Serbia closes Russian‑linked Alta Bank over money‑laundering…
   10. vreme.com — When will the Russians get the money trapped in Alta Bank
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