The National Bank of Georgia (NBG) regularly monitors the adherence of the financial sector to international sanctions, its own regulations, and national legislation, the NBG said in a statement.

The NBG emphasized that financial institutions in Georgia strictly follow these requirements.

“Under the instructions of the National Bank of Georgia, representatives of the financial sector operating within the country are committed to compliance with international sanctions. Furthermore, the President’s Order No. 208/04, issued on August 4, 2023, provides specific guidelines for enforcing sanctions on entities under the supervision of the National Bank.

According to this order, sanctions apply to Georgian citizens only if a court in Georgia has issued a legally binding guilty verdict related to the sanctions. This general principle of enforceable sanctions is clearly articulated in the order.

The National Bank of Georgia systematically oversees the application of international sanctions, ensuring that participants in the financial sector adhere to national regulations and legislation.

We reaffirm that the Georgian financial sector fully complies with the sanctions regime. Georgia has never been, and will not become, a haven for sanction evasion,” concluded the National Bank.