The National Bank of Georgia stated that the country’s commercial banks will continue servicing the Telasi company in the national currency, the lari. The statement comes against the backdrop of the European Union’s adoption of its 21st sanctions package against the Russian Federation, specifically targeting Inter RAO, which indirectly owns Telasi, Telmiko, and the Khrami 1 and Khrami 2 hydroelectric power plants.
The Telasi energy asset itself is not under sanctions. The National Bank stressed that over the years, the company has supplied the country with electricity and belongs to those enterprises providing vital services, which is precisely why its uninterrupted operation must be maintained.
“Taking into account the requirements of international sanctions, the National Bank of Georgia applies appropriate approaches within its authority to ensure compliance with the sanctions regime on the one hand, and to maintain the continuity of critical service provision on the other.
When considering issues related to sanctions, specific circumstances are also taken into account, including the nature and purpose of the operations conducted. In this regard, banks will continue to service JSC Telasi in the national currency in accordance with applicable sanction requirements, National Bank regulations, their own policies, and internal risk assessment procedures,” the statement reads.
