Georgian banks freeze all of Otar Partskhaladze's accounts

Georgian banks freeze Partskhaladze’s accounts

According to the National Bank of Georgia, Otar Partskhaladze, former Prosecutor General under US sanctions, has had his access to bank assets and financial transactions restricted. All his accounts were frozen.

As explained by the bank, he has been restricted both in the disposal of funds and in the ability to conduct all types of financial transactions. It is reported that from February 26, 2022, according to the instruction of the National Bank of Georgia, Georgian financial institutions will fully operate in accordance with the financial sanctions imposed by the United States, the European Union and the United Kingdom against the Russian Federation.

“The financial sector of Georgia is instructed to take into account the requirements established by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for persons on the sanctioned persons list (SDN list), which implies limiting access to assets and execution of financial transactions by sanctioned persons. A sanctioned person is restricted both in the disposal of funds and in the ability to perform all types of financial transactions.

We would like to remind that the financial sector of Georgia operates in full compliance with the requirements stipulated by the sanctions regime. In order to comply with the financial sanctions, a special department has been established in the National Bank, which supervises/monitors this process. It should be noted that international organizations positively assess the steps taken by the National Bank in this direction,” the statement reads.

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On September 14, the United States imposed sanctions against Otar Partskhaladze. This is related to alleged business activities and cooperation with the Russian FSB. Before the official announcement of the decision, the media reported that a “Georgian-Russian oligarch” was among those subject to sanctions.

According to the US State Department, the Russian Federal Security Service (FSB) worked with Otar Partskhaladze to influence Georgian society and politics in favor of Russia.

In addition, the US State Department statement said that in addition to Partskhaladze, sanctions were imposed on Russian intelligence officer Alexander Onishchenko, who allegedly helped “his associate Partskhaladze obtain a Russian passport and possibly Russian citizenship.”

The sanctions imposed imply the following restrictions:

• All property and capital of a sanctioned person in the United States or, if such property is owned or controlled by a U.S. citizen, will be blocked and may not be transferred, paid for, exported, seized or otherwise used in financial transactions.
  Restrictions on or for the benefit of a sanctioned person prohibit any contributions or funds, delivery of goods, or provision of services from the United States. It is also prohibited to receive any donations or finances, goods or services from that person.
• In addition to restrictions on property and financial transactions, sanctions also include a ban on entry into the U.S., as sanctioned persons are deemed to be harmful to U.S. interests. Exceptions are made if the U.S. Secretary of State or the Secretary of Homeland Security determines that entry of such an individual would not be contrary to U.S. interests.
  The sanctions prohibit violations of and circumvention of the restrictions imposed.

Georgian banks freeze Partskhaladze’s accounts