The Amsterdam Trade Bank, a Dutch subsidiary of Russia’s Alfa Bank, has been declared bankrupt, blaming the impact of British and American sanctions.

The Financieele Dagblad reported earlier in the week that the bank was in trouble and that it had approached investors about taking over the business.

ATB, located in the WTC in Amsterdam, was indirectly owned by oligarch Mikail Fridman who is on the sanctions list, alongside its parent company.

The Dutch central bank said that people with up to €100,000 in savings in the bank are protected under the deposit guarantee scheme. ATB has some 23,000 private clients, of whom around 6,000 live in Germany.

The bank told Dutch News shortly after the invasion of Ukraine that it ‘strongly condemned the invasion and supports economic sanctions against Russia.’

‘It is a brutal, unjustifiable war that Russia must stop,’ the bank said. ‘We have colleagues from many countries including Ukraine and Russia and our thoughts are with all the Ukrainian people as these tragic events unfold.’