Georgian National Bank: Georgian financial system consistently complies with United States and other international sanctions imposed on Iran

The Georgian National Bank on Thursday responded to an article published in The Hill, stating that the Georgian financial system consistently complies with the United States and other international sanctions imposed on Iran.

The Bank said that the article, which is based on falsehoods and misleading claims, appears aimed at damaging Georgia’s state interests and putting the country at risk.

The article’s author, researcher Keti Korkia, relies on the organization Civil Idea, chaired by Tina Khidasheli. Titled “Georgia is becoming Iran’s sanctions evasion hub”, the piece was shared by Eka Gigauri, the head of the Georgian branch of Transparency International, calling on Washington to take a position on the matter, which Georgian authorities say is unrelated to the truth.

In response, the Georgian National Bank stated that, to manage risks effectively, it has developed an appropriate framework for commercial banks, with compliance periodically verified through on-site inspections.

The Bank emphasised that in recent years, inspections have revealed no violations.

Regarding Investbank, the Georgian National Bank clarified that it didn’t operate as a commercial bank in Georgia and therefore cannot serve as a conduit for financial transactions.

The Capital Bank, also known as Investbank, had its banking license revoked on November 14, 2016, by order of the Vice President of the Georgian National Bank.