The Georgian branch of Russia’s VTB Bank is no longer able to carry out transactions in USD, British Pounds and EUR after the US, UK, EU slapped sanctions on Russian financial institutions.

The National Bank of Georgia [NBG] said as the regulator of commercial banks it has complied with the sanctions and restricted the VTB’s transactions in the relevant foreign currency. The central bank vowed that in the meantime it will protect the “interests of the bank’s depositors, Georgian citizens.

The VTB Bank Georgia issued a statement claiming it had devised an action plan together with the National Bank in case of sanctions.

It claimed the NBG stands ready to provide liquidity to the VTB Bank Georgia if necessary.

The VTB Bank Georgia asserted it has “the capacity to fully cover its obligations to the clients if needed”, with its assets exceeding more than 135% of the deposits it holds. The bank said it continues its operations in Georgia and noted clients are able to withdraw their deposits or transfer their money elsewhere if they wish to.