The National Bank of Georgia [NBG] and Georgian financial institutions act fully in accordance with the financial sanctions imposed by the United States and others on the Russian Federation, reads the US Department of State Investment Climate Statements.

“Georgia does not restrict foreigners from establishing a bank account in Georgia. Several local banks are subsidiaries of international banking groups and subject to the same regulations.

The NBG and Georgian financial institutions act fully in accordance with the financial sanctions imposed by the United States and others on the Russian Federation.

For proper and efficient monitoring of sanctions’ compliance by the financial intuitions, the NBG has established a new unit which is responsible for elaboration of respective methodological guidelines for the financial intuitions on international sanctions’ compliance and assists representatives of financial sector to understand and fulfill all the requirements envisaged by the sanctions’ regimes.

Compliance with international financial sanctions is systematically checked during the onsite inspections of financial institutions. The NBG closely cooperates with OFAC, OFSI, and EU relevant bodies for receiving guidance on particular issues and resolving specific questions related to sanctions.

NBG relevant units receive trainings and technical assistance from OFAC, OFSI, and the EU”, reads the report.