NBG confirms banks will continue servicing Telasi in GEL, subject to regulatory compliance and risk assessments

The National Bank of Georgia (NBG) has responded to the question of the sanctions imposed on the company Inter RAO as part of the European Union’s 21st package of sanctions against Russia, clarifying that the company is an indirect owner of JSC Telasi.

According to the National Bank, JSC Telasi itself has not been included on the sanctions list and is a provider of critically important services, whose uninterrupted operation is essential for the population and the economy.

“Taking into account the requirements of international sanctions, the National Bank of Georgia, within the scope of its competence, ensures that appropriate approaches are applied so that, on the one hand, sanctions requirements are complied with, while, on the other hand, the continuity of critically important services is taken into account.

In addition, when assessing sanctions-related issues, specific circumstances are taken into consideration, including the nature and purpose of the operations to be carried out. Accordingly, banks will continue to service JSC Telasi in the national currency, Georgian Lari, in line with the requirements of the sanctions in force, NBG regulations, their own policies, and risk assessment approaches,” the National Bank states.