National Bank monitoring compliance with Russia sanctions - Acting Governor
Archil Mestvirishvili said the NBG was monitoring compliance with the sanctions within the country, noting a department had been established at the institution for the purpose. Photo: Nino Alavidze/Agenda.ge
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Archil Mestvirishvili, the Acting Governor of the National Bank of Georgia, on Monday said compliance with international sanctions imposed on Russia for its invasion of Ukraine was “very important”, and the Georgian financial sector was taking the matter “very seriously”.
Mestvirishvili said the NBG was monitoring compliance with the sanctions within the country, noting a department had been established at the institution for the purpose.
[T]he law passed last year regarding virtual asset service providers was also important, where the National Bank is authorised to monitor and supervise virtual asset providers in terms of money laundering, which will become mandatory from September of this year”, he also said.
The central bank representative also noted the body had been “active” in its combating of money laundering and terrorism financing last year, while the domestic financial sector joined the sanctions imposed by the European Union, United States and United Kingdom against Russia and Belarus for the war.
Archil Mestvirishvili, the Vice President of the National Bank of Georgia, on Thursday said the domestic financial sector was ensuring enforcement of the international sanctions on Russia for its invasion of Ukraine “very well”.
The National Bank of Georgia on Monday said it had developed a set of regulations to prevent violation of international sanctions imposed on various countries by partner states or blocs in financial transactions facilitated by domestic commercial banks.
The 2022 Investment Climate Statements released by the United States Department of State on Thursday said the National Bank of Georgia and Georgian financial institutions were acting "fully in accordance" with the financial sanctions imposed by the United States and others on Russia due to its invasion of Ukraine.
The Georgian finance system’s joining of the international sanctions imposed against Russia due to its invasion of Ukraine has been praised by the international regulators, Koba Gvenetadze, the Head of the National Bank of Georgia said on Wednesday.
The Georgian Ministry of Finance on Thursday accused media and “certain politicians” of having “misinterpreted” comments by Jim O'Brien, the Head of the Office of Sanctions Coordination at the United States Department of State, on the enforcement of the international community’s sanctions placed on Russia in Georgia.
The Council of the National Bank of Georgia on Thursday elected the former Economy Minister Natia Turnava as the First Vice-President of the Bank with the majority of votes.
The European Union Sanctions Envoy David O’Sullivan will on Monday arrive in Georgia’s capital city of Tbilisi for a two-day visit to discuss with the Georgian authorities "issues of common interest", notably sanctions against Russia for its invasion of Ukraine and their “effective” implementation.
Maka Botchorishvili, the Chair of the European Integration Committee of the Georgian Parliament, on Monday said the country’s authorities were doing “everything” to prevent evasion of sanctions against Russia for its invasion of Ukraine through the Georgian territory.