AMSTERDAM Trade Bank, a subsidiary of Russias Alfa Bank focused on commodity finance and shipping, has been declared bankrupt following difficulties stemming from international sanctions targeting Russia.
While ATB itself had not been sanctioned, the bank said that US and British sanctions had caused operational difficulties, as the majority of ATBs counterparties, including corresponding banks… find it difficult to continue supporting ATB.
According to its 2020 annual report, the most recent on record, ATB had assets of around 1.2bn ($1.3bn) and equity of 174m.
More than 40% of its loan book was made up of shipping, which accounted for 220m in its 2020 accounts. The rest of the loan book was largely focused on commodity trading, with …
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