Russians in Serbia organize mutual aid after Alta Bank collapses, freezing their savings and salaries

Many Alta customers lost access to their money after the National Bank of Serbia revoked the bank’s license. Alta was one of the few local banks that opened accounts for Russians who had emigrated. Customers’ salaries, savings, and money for monthly expenses are frozen. Serbian authorities have promised to repay up to 50,000 euros in lost deposits once bankruptcy proceedings formally begin, which is expected on November 2. Local prosecutors are investigating why the bank collapsed shortly after parliamentary elections and the nature of suspicious transfers made through it in its final days. It