The National Bank of Georgia welcomed representatives of the diplomatic corps and international organizations accredited to Georgia at the Cash Center on Monday, April 11.

 

The Governor and Vice-Governors of the NBG provided detailed information to the heads of the missions accredited to Georgia on the NBG’s consistent actions implemented in the financial sector of Georgia in full compliance with international financial sanctions. Financial sanctions were imposed on the russian federation by the United States, Great Britain, the European Union and other countries over russia’s aggressive warfare in Ukraine.

 

It was noted that NBG works closely with international institutions to make sure that banks are regularly provided with updated information on sanctioned individuals and organizations. It is not in the interest of the Georgian banks to help someone avoid sanctions, and their work is monitored by the NBG on an ongoing basis.

 

"The National Bank of Georgia has always acted, and continues to act, in full compliance with the standards set by international resolutions. The National Bank of Georgia instructed the Georgian financial sector to comply with the requirements of the sanctions on the next day after the start of the war. As a regulator of the financial sector, the NBG adheres to all standards and international resolutions, and that eliminates possibility of any sanctioned transactions executed across the Georgian banking sector. The record in the International Monetary Fund's April 1, 2022 press release confirms that our financial system fully complies with the sanctions,” said the Governor of the NBG, Koba Gvenetadze. 

 

“We just heard a briefing from the Governor of the National Bank of Georgia about all the measures that Georgia, the Central Bank is putting in place to make sure that the financial sanctions against russia are implemented. I am really pleased to say that Georgia has a robust system in place to ensure that financial sanctions against russia following its invasion of Ukraine are being respected. This is an absolute key aspect of the response to russia’s illegal invasion in Ukraine. The sanctions are there to damage Putin’s war machine and to reduce the ability of the russian military to inflict pain and damage on the people Ukraine. So it's excellent to hear Georgia has put the measures in place, because I think that any suggestion that previous being used for place to avoid sanctions would be disastrous not only for the sanctions regime not only for Ukraine but for Georgia itself,” stated the Ambassador of the United Kingdom to Georgia, Mark Clayton.

 

Koba Gvenetadze thanked the representatives of the diplomatic corps and international organizations for their work in Georgia, reiterated the importance of the cooperation and asked them to share the message to the central banks and financial institutions of their respective countries about the Georgian financial system operating in full compliance with sanctions.