The lender got the fund of approximately €570mn during the time of the newest bankruptcy
ATB’s demise try the initial example of a good Dutch bank getting bankrupted from the sanctions as opposed to monetary insolvency, based on Sebastiaan Bennik, a keen Amsterdam attorney providing services in inside sanctions and you will export control.
While ATB’s standalone term holds absolutely nothing sway when confronted with new legal might of one’s Us sanctions techniques, Bennik signifies that the latest Dutch bodies have interested prior to having OFAC so you can decrease the fresh new impact on Dutch team and team.
The latest trustees have created a charity to which all bank’s unsold property will be transferred when the OFAC does not want to extend the brand new license, enabling services to utilize the fresh trustees instead of anxiety about violating sanctions
Bennik tells GTR that affect into the bank’s 93 employees regarding Netherlands is generally a lesson based on how sanctions you are going to be better targeted later. “ATB is actually a fairly brief lender regarding the bigger program regarding one thing, it generally does not harm the latest Putin routine far if this happens broke,” he says.
Matt Kus, direct off credit partnerships beneath the FIBR brand, authored toward LinkedIn following bankruptcy: “Putin won’t shed a tear or provide a thought to this new fact that the united states and you can United kingdom power down an excellent Dutch financial, staffed from the Eu (and another Western and a few Ukrainian) group but I’m able to comprehend the believe behind the trouble.”
“Sanctions are a great and called for device but If only this new All of us and British provided a bit more thought to the secondary and you can tertiary effects to only sanctioning the newest wealthiest Russians and private Russian banking institutions in the world.”
Van Hooff states ATB had recently avoided new exchange, products and you may shipments organization to the office exclusively into the the pivot in order to SME credit. Continue Reading
