The Central Bank of Serbia closed Alta Bank, a popular lender among Russians, due to deteriorating finances and suspicion of money laundering.
The move comes days after the defeat of Aleksandar Vucic in the elections, amid reports of large withdrawals and transfers abroad.
Alta, which enabled Russian financial transactions following Moscow's 2022 invasion of Ukraine, previously faced scrutiny from the European Central Bank.
Serbian prosecutors and the incoming student movement called for an investigation into the bank's operations and possible illegal transfers.
According to reports, Alta's owner, Davor Makura, tried to flee to Moscow after the election.
Source: FT