The National Bank of Georgia [NBG] responds to the accusation spread by some non-governmental organizations, according to which, together with Georgian authorities, NBG is accused of covering up the persons sanctioned by the US.

“It is not clear what gives the NGO’s the basis to make such a statement, while until now there have been no concrete cases of violation of the sanctions enforcement process in the financial system of Georgia.

Therefore, accusing the NBG of facilitating the violation of sanctions is categorically unacceptable. Moreover, we never, even at the review level, allow the circumvention of sanctions. The financial system of Georgia meticulously fulfills the requirements set by international partners.

Despite a number of challenges, the sanctions enforcement process is as transparent and efficient as possible. Any changes implemented in the regulations are not tailored to the interests of specific individuals, but serve to ensure full compliance of the sanctions enforcement process with local legislation and international requirements.

The NBG is in constant communication with international partners. Georgia’s financial system has never been, nor will it be in the future, a place to avoid sanctions, which is what our international partners believe too.

In the future, the NBG and the financial system will continue to take all the necessary measures to strengthen the financial stability of the country”, - reads the statement.