UK updates sanctions listing for former Bank Otkritie executive

LONDON, October 15, 2026 — The Foreign, Commonwealth and Development Office announced changes to Cherkasova's entry on the UK Sanctions List under the Russia (Sanctions) (EU Exit) Regulations 2019. The amendment revises the statement of reasons supporting her designation, reflecting her past involvement with Bank Otkritie Financial Corporation PJSC rather than describing the relationship exclusively in the present tense.

Cherkasova was originally designated on Sept. 26, 2022, for her involvement in obtaining a benefit from or supporting the Russian government through her position at Bank Otkritie, which operated in Russia's strategically significant financial services sector. The updated statement of reasons maintains that she was involved through her role as a director, manager or equivalent at the bank, which the UK identifies as a Russian government-affiliated entity.

The amendment does not remove or relax the sanctions imposed on Cherkasova. She remains subject to an asset freeze, travel ban, trust services restrictions and director disqualification sanctions. The trust services restrictions were introduced on March 21, 2023, while the director disqualification sanction was imposed on April 9, 2025.

The updated listing retains Cherkasova's identifying information, including her date of birth, Dec. 11, 1971, and birthplace of Vladimir, Russia. Her designation remains recorded under UK sanctions reference RUS1636 and Office of Financial Sanctions Implementation group ID 15580.

The change is a variation of an existing designation rather than a new sanctions action. UK persons and businesses must continue to freeze any funds or economic resources belonging to Cherkasova and must not make funds or economic resources available to her, directly or indirectly, unless permitted by an applicable exception or OFSI licence.