The Amsterdam Trade Bank (ATB), a subsidiary of Russian giant Alfa Bank has been declared bankrupt, the Dutch Central Bank (DNB) announced on Friday, citing a decision of the Amsterdam District Court. The Russia-linked bank had 23,000 private account holders.

"The Amsterdam court today (Friday) declared the bankruptcy of Amsterdam Trade Bank N.V. on its own statement," the court said in a brief statement. For its part, ATB said in a statement that it had filed for bankruptcy. The Russia-linked bank has 23,000 private account holders, most of whom reside in the Netherlands, and about 6,000 customers live in Germany, according to data from the Dutch central bank. Operating in the Netherlands since 1994, it had more than €1.2 billion in assets, according to a 2020 report.

On April 6, Washington announced maximum sanctions against the major Russian banks Sberbank and Alfa Bank by freezing all their assets in contact with the US financial system. On the other hand, ATB has not been directly subject to Sanctions from the European Union but the British and American sanctions have caused payment system problems for the bank.