Time in Tbilisi: May 21, 2024 16:13
The National Bank of Georgia on Tuesday said it had amended its regulation on compliance with the international financial sanctions against Russia for its invasion of Ukraine, exempting Georgian citizens from being sanctioned without domestic court judgement.
The body said it was making the changes to the regulations while “guided by the Constitution of Georgia and the presumption of innocence”, and with the goal to “fully realise the rights and freedoms” of the country’s nationals.
The restriction reverses the Bank’s decision earlier on Tuesday to restrict access to bank assets and financial transactions to Otar Partskhaladze, the former Prosecutor General of the country who was last week sanctioned by the United States Department of State for alleged ties with Russia.
In a follow-up statement on Tuesday explaining the reversal of the original decision, the NBG said it believed “international sanctions may not be applied to a Georgian citizen unless there is a guilty verdict in the applicable case against them” from a Georgian court.
The amendments to the Decree of the NBG Governor make provisions for sanctioning Georgian citizens and legal entities registered in the country with shares owned by sanctioned nationals from the country in cases where a “legally binding judgement of conviction” has been issued by a domestic court against them.
The Bank also said the financial sector of the country was operating “in full compliance” with the international sanctions.
The National Bank of Georgia on Monday restricted access to bank assets and financial transactions to Otar Partskhaladze, the former Prosecutor General of the country who was last week sanctioned by the United States Department of State for alleged ties with Russia.
Georgian Finance Minister Lasha Khutsishvili on Friday said linking “any individual” associated with Western sanctions to the Georgian state was “speculation”, after the United States Department of State on Thursday announced sanctions on Otar Partskhaladze, the former Prosecutor General of Georgia, for “influencing Georgian society and politics for the benefit of Russia”.
The Georgian State Security Service on Friday said it was “studying” the sanctioning of Otar Partskhaladze, the former Prosecutor General of Georgia under the Georgian Dream Government, by the United States Department of State this week.
Georgian Parliament Speaker Shalva Papuashvili on Friday said Otar Partskhaladze - the former Prosecutor General of the country who was recently sanctioned by the United States Department of State for “influencing Georgian society and politics for the benefit of Russia” - had held “no connection” with state structures “for the last 10 years”.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday said the new amendments in the regulation on the body’s compliance with the international financial sanctions against Russia for its invasion of Ukraine were "not aimed at protection of specific names".
Iraikli Kobakhidze, the head of the ruling Georgian Dream party, on Wednesday said "punishing citizens without a court verdict" had become a "thing of the past”, in comments on the Georgian National Bank’s decision to exempt Georgian citizens from the international sanctions in Russia for its invasion of Ukraine without domestic court judgement.
Mamuka Mdinaradze, the head of the ruling Georgian Dream party in the Parliament, on Wednesday claimed the “radical wing” of the domestic opposition was planning “dangerous provocations” following the controversy related to the United States-sanctioned former Prosecutor General Otar Partskhaladze.
Thea Tsulukiani, the Vice Prime Minister and Minister of Culture, Sport and Youth Affairs of Georgia, on Wednesday pledged the Georgian Government would “do everything to ensure there is no shooting and there is peace and stability” in the country.
The Public Service Development Agency of the Justice Ministry on Wednesday said it had deemed it appropriate to terminate the Georgian citizenship of the United States-sanctioned former Prosecutor General Otar Partskhaladze.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday said the Bank was in “constant communication” with commercial banks to ensure the implementation of new regulation in compliance with the international obligations of both NBG and commercial banks.
The Parliament of Georgia on Thursday elected two members of the country’s National Bank Council who had previously been nominated by President Salome Zourabichvili, with the ruling Georgian Dream party saying it had backed the nominees to “avoid a sabotage” of the institution by the President and the “radical wing” of the domestic opposition.
Natia Turnava, the Acting President of the National Bank of Georgia, on Saturday said Georgia “has been and will remain committed to” the international sanctions imposed on Russia for its invasion of Ukraine, and noted the country constantly ensured the improvement of the sanctions enforcement mechanism.
The National Bank of Georgia is apolitical and must make decisions regardless of the political situation, Natia Turnava, the Acting President of the NBG, told the Public Broadcaster on Saturday.
Georgian Parliament Speaker Shalva Papuashvili on Tuesday accused the country’s President Salome Zourabichvili of “attacking” the National Bank and “neglecting” the Constitution, following her unauthorised foreign visits earlier this month and allegations of the Bank having made a “Russian decision” by exempting Georgian citizens from international sanctions without judgment of domestic courts last week.
Georgian Economy Minister Levan Davitashvili on Tuesday said Georgia’s banking system was “stronger than ever” while the country was a “reliable” investment partner.
Natia Turnava, the Acting President of the National Bank of Georgia, on Friday met Paweł Herczyński, the Ambassador of the European Union to Georgia, to explain the recent controversial amendments to the regulation on the body’s compliance with the international financial sanctions against Russia that exempted citizens of the country from domestic sanctions without court rulings.
Natia Turnava, an Acting President of the National Bank of Georgia, on Friday discussed the institution’s efforts to enforce the international sanctions imposed on Russia for its invasion of Ukraine in a meeting with Mark Clayton, the British Ambassador to Georgia.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday defended her institution's "effective policy" and asserted its independence and alignment with international sanctions before the Parliament.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday presented draft documents for the main directions of its monetary and exchange rate policies for 2024-2026 at the Parliament.