The National Bank of Georgia and financial institutions of the country were acting “fully” in accordance with the international financial sanctions imposed on Russia for its invasion of Ukraine, says the 2023 Investment Climate Statements of the United States Department of State.
According to the publication, Georgia does not restrict foreigners from establishing a bank account in Georgia. Noting that several local banks are subsidiaries of international banking groups and subject to the same regulations. The statement reads that "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 2023 Investment Climate Statements on Georgia.
