Banking
Posted: 8 months ago

TBC Bank and Bank of Georgia Pledge to Uphold International Sanction

TBC Bank and Bank of Georgia have announced their intention to adhere to international sanctions, despite contrasting guidance from the National Bank of Georgia. Both financial institutions confirmed their compliance in statements. 

TBC Bank asserted, "We steadfastly maintain alignment with international sanctions. Our ongoing and future operations are, and will continue to be, in accordance with these sanctions." The bank did not comment on whether Otar Partskhaladze, the individual recently subjected to sanctions, holds accounts with them.

Similarly, the Bank of Georgia declared its commitment to observing sanctions imposed by the United States, the European Union, and the United Kingdom. "We have complied with, and will persist in complying with, the sanctions requirements set forth by the U.S., the E.U., and the U.K," stated the Bank of Georgia.

On September 14, the United States levied sanctions against former Chief Prosecutor Otar Partskhaladze. According to the U.S. State Department, Russia's Federal Security Service exploited Partskhaladze to sway Georgian society and politics in Russia's favor.

Subsequently, on September 18, the National Bank of Georgia restricted Partskhaladze's access to his bank accounts and prohibited all types of financial transactions involving him. However, the National Bank revised its sanctions enforcement policy the following day, after Partskhaladze was acquitted. According to the updated policy, international sanctions cannot be enforced against a Georgian citizen unless a Georgian court has rendered a guilty verdict in the relevant case.

This policy revision came on the heels of comments by Irakli Kobakhidze, chairman of the Georgian Dream political party, who criticized the National Bank's initial decision to freeze Partskhaladze's accounts as unconstitutional.