“Our financial sector fully complies with international sanctions. For the past three years, we have had virtually no violations,” Natia Turnava, Governor of the National Bank of Georgia, told journalists regarding the recent sanctions imposed by the UK and the US on the oil company Lukoil.

Journalists specifically asked about Lukoil-Georgia, a company reportedly on the sanctions list, and whether Georgian banks would continue to serve it or cease cooperation.

“Since the introduction of international sanctions regimes, our financial sector has been strictly implementing them. Over the past three years, there has practically not been a single violation. In this particular case — which is a relatively new decision — both the financial sector and the regulator will act accordingly. We will study the measures and proceed in full compliance. Ensuring adherence to the sanctions regime has always been our banks’ practice, and there will be no complications in this regard,” Turnava responded.

For context, on October 15, the UK included Rosneft and Lukoil on its sanctions list, while the US Treasury Department imposed sanctions on the same companies on October 23.