NBG in “constant communication” with commercial banks to ensure implementation of new regulation in line with both sides’ international obligations - Acting President

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.

Turnava noted that it was understandable that “large financial institutions have their own international obligations” and highlighted their “unity” in fulfilling them.

• Acting National Bank President: amendments on sanctions compliance "not aimed at protection of specific individuals"

Responding to the latest statements of some banks in Georgia, in which they said they would continue to comply with the requirements related to sanctions regardless of the decision of the National Bank, Turnava noted the "commercial sector has no right to disobey the regulator".

The Georgian central bank earlier today announced that it had amended its regulation in compliance with the international financial sanctions against Russia for its invasion of Ukraine, exempting Georgian citizens from being sanctioned without a domestic court judgement.

• Georgian central bank amends int’l sanctions compliance to exempt citizens without court judgement

The body said it was making the changes to the regulation while “guided by the Constitution of Georgia and the presumption of innocence”, and with the goal of “fully realising the rights and freedoms” of the country’s nationals.