Following the EU’s sanctions against Russia’s energy company Inter RAO, the National Bank of Georgia (NBG) has said that banks will continue providing services to electricity provider company Telasi in the national currency.
Inter RAO is the ultimate owner of Telasi, Georgia’s electricity distribution company.
The NBG said Telasi itself is not included on the EU sanctions list and remains a company providing critical services.
“Inter RAO is an indirect owner of Telasi JSC. In addition, Telasi JSC itself is not included in the list of sanctioned entities and is a company providing critical services, the smooth functioning of which is essential for the population and the economy,” the NBG said.
The central bank said it is ensuring compliance with international sanctions while also taking into account the need to maintain the continuity of critical services.
“When assessing issues related to sanctions, specific circumstances are taken into account, including the nature and purpose of the operations to be carried out. Accordingly, banks will continue to provide services to JSC Telasi in the national currency, in accordance with applicable sanctions, NBG regulations, their own policies, and risk assessment approaches,” the statement reads.
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EU sanctions Russian energy giant Inter RAO, owner of 75% of Telasi
