Fitch Ratings: Georgian Banks Strictly Comply With Western Sanctions Against Russia
Georgian banks and the National Bank of Georgia remain highly disciplined in their adherence to Western sanctions imposed on Russian entities, according to Arvind Ramakrishnan, Head of the Analytical Team at Fitch Ratings.
In an interview with BMJ, Ramakrishnan emphasized that Georgia is taking the sanctions regime very seriously, noting that both the regulatory authorities and the commercial banking sector are aligned with international compliance standards.
“Georgian banks and the National Bank are quite strict in their adherence to Western sanctions against Russian entities,” Ramakrishnan said.
He highlighted that for Georgia—as well as for other countries in the region—strict compliance is essential not only for maintaining financial stability but also for safeguarding the country’s access to global markets.
“For Georgia, as well as for other countries in the region and elsewhere, it is very important to adhere to European, American and British sanctions. First of all, sanctions can affect the banking sector, and secondly, sanctions can reduce the inflow of capital into the country,” he added.
Fitch Ratings’ assessment comes at a time when global financial institutions are increasing scrutiny of cross-border transactions, particularly in regions with proximity to sanctioned markets. Georgia’s consistent alignment with Western regulatory frameworks is viewed as a key factor in maintaining investor confidence and the resilience of its financial system.
