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Anti-Russian sanctions

Dutch bank 42% owned by sanctioned Russian businessmen declared bankrupt — newspaper

The bank suffered serious damage due to the sanctions imposed on Russia, as many counterparties and other banks have boycotted the financial institution

THE HAGUE, April 22. /TASS/. A court in Amsterdam has declared the Amsterdam Trade Bank (ATB) bankrupt, the Financiele Dagblad newspaper reported on Friday.

The bank’s owners include Russian entrepreneurs Mikhail Fridman and Pyotr Aven, who fell under the EU sanctions. Fridman and Aven own 42% of the bank's shares.

According to the newspaper, the bank suffered serious damage due to the sanctions imposed on Russia, as many counterparties and other banks have boycotted the financial institution.

Earlier, Financiele Dagblad reported that ATB ran into problems due to the fact that it fell under US and UK sanctions and was put up for sale but, according to sources, the negotiations were unsuccessful.

The bankruptcy will affect 26,000 mostly Dutch clients, who collectively hold several hundred million euros in ATB, Financiele Dagblad notes. According to the newspaper, depositors will be able to get their money back through a guaranteed return on deposits implemented by the Bank of the Netherlands. In accordance with this pattern, each depositor can count on a return of up to 100,000 euros.

Tags

Sanctions vs. Russia

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