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Alfa Bank: bankruptcy of the Dutch branch due to Russian sanctions

Mikhail Fridman, founder of Alfa Bank

His link with Russian oligarch Mikhail Fridman and the Alfa-Bank, which he founded, has placed the Fibr Bank, formerly called ATB, on the Western sanctions lists.

(Image: REUTERS)

Frankfurt The sanctions imposed due to the war in Ukraine have brought another bank linked to Russia to its knees: on Friday a Dutch court declared the Amsterdam Trade Bank (ATB) insolvent, which has also operated under the Fibr brand since January. The Dutch central bank then called the compensation case for the institution’s clients.

German savers are also affected by the bankruptcy: according to the central bank, nearly 6,000 of the approximately 23,000 private account holders are from Germany. Up to an amount of € 100,000, Dutch deposit protection applies to all customers.

Anyone who has temporarily parked money in their account to buy or sell a property is also protected up to an amount of 500,000 euros. The Dutch central bank is putting the sum covered by deposit protection at € 700 million for all ATB customers.

Sanctions to Russia: every fourth customer of the Amsterdam Trade Bank from Germany

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