Georgia remains committed to intl sanctions, constantly ensures improvement of enforcement mechanism - Acting National Bank President

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, as well as the financial system of the country, has been also committed to fulfilling the sanctions, Turnava stressed and noted it was important to improve its enforcement “so that no question would arise in the future”.

The Acting President told the Public Broadcaster that sanctions were “a new reality”, which might be expanded or changed, stressing the importance of “resolving the enforcement issue”.

She also noted that if the country continued to enforce sanctions “automatically”, without conducting relevant investigation and procedures under Georgian legal proceedings, the country would “have to surrender our sovereign right of proceedings to more and more states”.

The practice of sanctions enforcement is different in various countries, which means that it could not be executed “uniformly and simultaneously”, Turnava said, adding that most of the countries “tried” to find the “right balance” between the international obligation and their national legislation, and Georgia had also “taken a step towards this balance”.

She also commented on commercial banks and said it was right of them to remain committed to international sanctions. “The position of commercial banks and ours is the same [...] The banking system as a whole remains committed to international sanctions and we will ensure this to be maintained”, she added.