UK updates Russia sanctions: JSC SOLID BANK entry varied on 10 September 2026
On 10 September 2026 the UK Foreign, Commonwealth and Development Office published a sanctions notice varying the designation entry for JSC SOLID BANK (Unique ID RUS3077). The variation confirms the bank remains subject to an asset freeze and a prohibition on correspondent banking and sterling clearing.
The desk brief
On 10 September 2026 the UK Foreign, Commonwealth and Development Office published a sanctions notice varying the designation entry for JSC SOLID BANK (Unique ID RUS3077). The variation confirms the bank remains subject to an asset freeze and a prohibition on correspondent banking and sterling clearing.
The UK variation formally adds correspondent-banking and sterling-clearing prohibitions for JSC SOLID BANK, increasing compliance risk for European banks that have any exposure to the bank or its counterparties. Higher due diligence and de-risking can tighten trade finance and correspondent lines, which may raise working-capital costs for African commodity chains (notably cocoa exporters in Ghana and Côte d'Ivoire) that rely on European trade finance corridors. This is conditional on banks electing to restrict relationships linked to the designated entity or its network; it does not imply an immediate market repricing.
Monitor OFSI licence guidance and UK banking supervisory communications for implementation details and any licences or exemptions.
Sources & verification
Developing storyFurther independent confirmation is required.
- Sanctions Noticeservice.gov.uk (opens in a new tab)
- Russia: list of designations and sanctions noticeswww.gov.uk (opens in a new tab)
Public references supporting this brief.