National Bank in “full compliance” with int’l sanctions on Russia - Acting Chair

National Bank officials on Wednesday hosted sanctions officials from the European Union and the United States. Photo: NBG, 28 Jun 2023 - 16:03, Tbilisi,Georgia

Natia Turnava, the newly appointed First Vice President of the National Bank of Georgia, who currently serves as the Acting Chairperson of the institution, on Wednesday told sanctions officials from the European Union and the United States the Bank was acting “in full compliance” with the international sanctions imposed on Russia for its invasion of Ukraine. 

In a Tbilisi meeting with David O’Sullivan, the EU Sanctions Envoy, James O'Brien, the Head of the Office of Sanctions Coordination in the US President Joe Biden administration, and Kumar Iyer, the Director General for Economics, Science and Technology at the United Kingdom Foreign Office, Turnava and other officials from the Bank also said evaluations by the US Department of State had confirmed the alignment of the country’s financial institution with the enforcement of sanctions. 

Compliance with the international financial sanctions has been “systematically monitored” during on-site inspections of financial institutions in the country by the National Bank starting with the second day of the hostilities in Ukraine, the NBG press office cited its authorities as saying. 

The visiting officials were also introduced to results of the monitoring efforts “in detail” at the meeting, the press office added.