National Bank of Georgia: ‘Georgian companies sanctioned by UK were not under our supervision’
National Bank of Georgia on sanctioned companies
The National Bank of Georgia said three Georgian companies sanctioned by the UK over alleged involvement in helping Russia circumvent sanctions do not fall under the regulator’s supervision.
The bank explained that the companies operated without registration and, as a result, the National Bank had no supervisory authority over them.
The National Bank also said that when it identifies unauthorised activity, it cooperates with law enforcement agencies and has already provided relevant information in this specific case.
According to the National Bank, in September 2025 it provided law enforcement agencies with information on organisations operating without registration and “applied appropriate supervisory measures”.
The bank also says that, based on information available to it, investigations into these cases are ongoing and that authorities have established responsibility in some instances.
In its statement, the National Bank stresses that Georgia’s regulatory framework for virtual asset service providers complies with international standards.
The regulator also refers to a 2024 assessment by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures, which found that Georgia is “largely compliant” with FATF Recommendation 15 (meaning the recommendation has been substantially implemented, with only minor or moderate shortcomings — JAMnews).
According to the National Bank, the UK and France have received the same assessment.
Context
The National Bank of Georgia issued its statement after the UK expanded its sanctions against Russia and added three Georgian companies to the list.
The British government said the new package of measures aims to restrict cryptocurrency networks and shadow financial systems that Moscow uses to circumvent international sanctions.
Among the sanctioned entities is Tbilisi-registered AIFORY LLC, which the UK government accuses of supporting Russia’s financial sector. The sanctions will restrict the company’s banking operations and payment processing.
According to business registry records, Giorgi Nutsubidze registered the company in June 2023. Its legal address is in the Tbilisi Free Industrial Zone on Omar Khizanishvili Street.
Authorities registered ARVIX LLC at the same address. According to the UK government, the company had links to Russian cryptocurrency exchanges Garantex and Grinex.
Under the sanctions, ARVIX will face restrictions related to internet services. Business registry records show that Davit Nutsubidze founded the company in October 2023.
The sanctions list also includes RAPIRA GROUP LLC, which London says provided financial services to the Russian government, thereby undermining Ukraine’s territorial integrity.
The company is registered in Kutaisi, and Ilya Akhaev is listed as its founder. Under the UK government’s decision, the company will face restrictions on banking operations and payment processing.
National Bank of Georgia on sanctioned companies
