Russian residents of Serbia were left without access to savings after Alta Banka’s licence was revoked and its payment operations were frozen. Serbia’s central bank said on October 31 that the lender’s financial position and liquidity had deteriorated, putting depositors’ interests at risk.

Radio Liberty reported the disruption on Monday, November 2. Alta had attracted many Russians who moved to Serbia after 2022 because it accepted their applications more readily than banks linked to Western and European Union financial markets.

Authorities detained owner Davor Macura and two other executives on November 2 on suspicion of misappropriating about 45 billion dinars, equivalent to roughly €383 million. Prosecutors are separately examining possible transfers abroad and have requested information about the bank’s foreign transactions.

Deposits of up to €50,000 were insured, and the bank said repayments were expected to start late this week or early next week. Customers nevertheless face immediate difficulties paying rent, taxes and other bills, while many say opening replacement accounts at other Serbian banks is challenging.