Electricity distributor Telasi says it is continuing operations as usual after the European Union imposed sanctions on its ultimate owner, Russian energy company Inter RAO.
Responding to BMG, the company said it will continue operating in compliance with Georgian legislation. The National Bank of Georgia also stated that commercial banks will continue servicing Telasi in the national currency in line with applicable sanctions, NBG regulations, their internal policies, and risk assessment procedures.
Inter RAO owns 75.47% of the Telasi Group, while the remaining 24.52% is held by a business holding owned by Georgian businessman Khvicha Makatsaria.
Neither Telasi nor Makatsaria's holding has yet issued a detailed legal assessment of the impact of the EU sanctions. BMG has also requested comments from the Georgian government administration and the Ministry of Economy and Sustainable Development.
