The National Bank of Georgia has announced that the country’s commercial banks will continue providing services in the national currency to Telasi, despite the company being owned by Russian energy giant Inter RAO, which was included in the European Union’s latest, 21st package of sanctions against Russia. The central bank confirmed the decision to BM.GE.
At the end of July, the European Union imposed sanctions on the Russian state-controlled energy company Inter RAO. Through its subsidiaries, the company is the indirect owner of Georgia’s electricity distribution companies Telasi and Telmiko, as well as the Khramhesi-1 and Khramhesi-2 hydropower plants.
The National Bank said that Telasi itself is not included on any sanctions list and that its uninterrupted operation is essential for the country’s population and economy. According to the central bank, while compliance with international sanctions is important, it is equally crucial to ensure the uninterrupted provision of essential services to the public.
The National Bank said that each sanctions-related case would be assessed on its individual merits. As a result, banks will continue providing services to Telasi “in compliance with the applicable sanctions regime, as well as in accordance with their own internal policies and risk assessment procedures.”
