The National Bank of Georgia [NBG] explains in what cases the sanctions enforcement regime applies to Georgian citizens and emphasizes that financial institutions in Georgia strictly follow these requirements.

“As you know, according to the instructions of the NBG, representatives of the financial sector operating in Georgia comply with the requirements of international sanctions. In addition, the order No. 208/04 of the President of the NBG dated August 4, 2023 “On approval of the rules for the implementation of sanctions regimes by accountable persons under the supervision of the NBG” defined specific issues related to the implementation of international financial sanctions.

In particular, according to the mentioned order, the regime of sanctions applies to the citizens of Georgia in the event that a legally binding verdict of guilt has been issued by the court of Georgia in connection with the basis of the imposed sanctions. Accordingly, the general principle related to enforceable sanctions is indicated in the above order.

The NBG systematically supervises the implementation of international sanctions, as well as the implementation of its own regulations and national legislation on the part of individual participants of the financial sector.

We emphasize here that the Georgian financial sector operates in full compliance with the requirements stipulated by the sanctions regime. Georgia has never been and will not become a place for evading sanctions”, - reads the statement.

The US sanctioned Georgian officials and extremists for serious violations of human rights. According to the US Treasury Department’s, the Treasury Department’s Office of Foreign Assets Control has imposed sanctions on 2 Georgian government officials and 2 private individuals in connection with the violent crackdown on peaceful demonstrators and political opponents.