Alta Bank Collapse in Serbia Freezes Russian Emigres’ Savings

Sudden October 31 Collapse Halts Russian Expatriate Accounts

Thousands of Russian emigres in Serbia lost access to their life savings and business accounts when the National Bank of Serbia abruptly shut down Alta Bank late last month.

The closure froze funds and left business owners unable to process transactions.

The sudden shutdown on October 31 upended daily operations for businesses like Auditoria, a Belgrade bookshop and café run by Alexandra Yakusheva. Yakusheva discovered the failure when her bank card stopped working ahead of a Halloween delivery.

Political Upheaval and the Arrest of Owner Davor Macura

Aleksandar Vučić’s Serbian Progressive Party lost the October 25 parliamentary election to the grassroots Student List movement. Days later, bank owner Davor Macura was arrested after an attempted flight to Moscow.

Prosecutors allege Macura embezzled roughly 390 million euros over six years, with much of the money logged as cash deposits from exchange offices that never reached the bank’s vault, according to documents from the Serbian investigative outlet KRIK. Macura denies wrongdoing.

Why Alta Bank Became a Lifeline for Relocated Russians

Alta Bank had served as a primary banking option for many Russians who relocated to the country. Helena Ivanov, an associate researcher at the Henry Jackson Society, explained that these customers used the institution because they lacked other options for opening bank accounts in Serbia.

State-owned electricity company Elektroprivreda Srbije had directed Belgrade residents to pay utility bills into Alta Bank accounts in 2025. Vučić told Informer TV on November 3 that he had met Macura only three or four times and called the circumstances strange.

Locked-Out Depositors Face Scant Communication and Severe Losses

Customers locked out of their accounts received no direct notification from the institution. Olga, a depositor who opened an account in November 2024, stated that she and her partner received no emails or messages about the shutdown.

Ivan, another Russian client who transferred 180,000 euros to purchase a local property, noted that branches and mobile applications were inaccessible. He noted that insurance would cover less than a third of his balance.

Serbia’s Deposit Insurance Agency Agrees to Reimburse Insured Deposits

Serbia’s Deposit Insurance Agency reached an agreement with state-owned Poštanska štedionica to reimburse insured deposits up to 50,000 euros per depositor. Depositors with larger balances must file claims in bankruptcy court, where recovery can take years.

The National Bank of Serbia stated that the country’s financial system remains secure and that the dinar exchange rate is stable. Ivanov stated that she does not expect the collapse to spread, noting that the lender was too small to threaten the broader financial system.

Affected residents organized mutual aid through Telegram groups such as Chat Alta Kriza and Volna Serbia. Local businesses and residents launched a spreadsheet to direct cash-paying customers to Russian-owned establishments affected by the freeze.

Daily Life and Adaptation Amid the Financial Freeze

Russian-owned businesses across Belgrade adapted to the sudden loss of electronic payments by putting up cash-only signs in their windows and posting notices on Instagram. Despite the difficulties, Gitovich noted community resilience, stating, But our Serbian landlord has been very nice, adding that my wife has postponed payments, like the kindergarten fee, and the owners have been okay with that.