Serbian regulators shut down the go-to bank for Russian exiles, costing many their life savings

On October 31, 2026, Serbia’s highest-regarded bank for Russian exiles, Alta Bank, abruptly closed its doors, leaving many Russian immigrants in a state of financial ruin. Over 100 Russian entrepreneurs were among those affected by the bank’s license revocation, according to a map by the human rights group Kovcheg (The Ark).

Serbian regulators have pledged to start paying out compensation for affected customers as early as November 13, with a maximum reimbursement of 50,000 euros. However, according to interviews with affected Russians, the majority lost all their savings when the bank shut down.

Elena Artemenkova, founder of the Sunrice restaurant in Novi Sad, recounts how she and her family, who had moved to Serbia two years earlier, had been keeping large sums of money at Alta. They had opened personal and business accounts there, transferring money from Russia to the bank. On the day of the bank’s closure, the family was shocked to learn the news via social media. They had never received any official notification from the bank.

Artemenkova, who had more than 50,000 euros in her account, could no longer afford basic necessities like food and rent for her family. She is now living on a meager budget, cutting back on daily expenses and working closely with other affected Russians to navigate the challenges of the situation. Despite the hardships, she remains grateful for the support and solidarity shown by both Russians and non-Russians in the community.