The National Bank of Georgia says the three companies sanctioned by the UK over alleged Russia-linked financial activity were not regulated by the central bank and operated without registration.
The statement came after the UK imposed sanctions on several entities accused of helping Russia evade Western restrictions, including three companies registered in Georgia.
“The entities included on the sanctions list are not entities regulated by the National Bank of Georgia,” the NBG stated. “The sanctioned companies operate without registration and, accordingly, none of them is subject to the supervision of the NBG.”
The bank says it shared information with law enforcement agencies in September 2025 after identifying entities allegedly operating without registration.
“An investigation is currently underway, and in certain cases appropriate liability has already been imposed,” the statement reads.
The NBG also defended Georgia’s regulatory framework for virtual asset service providers, saying it is aligned with international standards set by the Financial Action Task Force (FATF).
The bank cited a 2024 assessment by the Council of Europe’s Moneyval committee, which rated Georgia as “largely compliant” with Recommendation 15 related to virtual assets and cryptocurrency regulation.
The NBG added that the UK and France hold the same rating under the recommendation.
Related story:
UK expands Russia sanctions list, includes three companies from Georgia
