National Bank of Georgia: no grounds for disconnecting country from SWIFT

The National Bank of Georgia (NBG) has responded to a recent European Parliament resolution by stating that there is no basis for disconnecting Georgia from the SWIFT international financial messaging system.

In its statement, the central bank emphasized that Georgia’s banking and financial sector remains fully compliant with international sanctions regimes and anti-money laundering standards.

“Our foreign partners positively assess the Georgian banking sector’s adherence to sanctions frameworks. The financial system’s compliance with international anti-money laundering standards is high, as confirmed by evaluations from the Council of Europe’s MONEYVAL committee,” the NBG said.
It also noted that the central bank is consistently praised for aligning Georgia’s financial legislation and system with EU regulations.
“The system is particularly transparent, which has led to growing trust among investors,” the statement added.

The remarks came in response to a European Parliament resolution passed on 8 July, in which 490 MEPs called on EU member states to consider new restrictive measures against the Georgian government. Among the proposed steps were:

-Disconnecting Georgia from the SWIFT network, the world’s largest interbank financial communication system

-Sectoral sanctions aimed at cutting off revenue sources and financial flows tied to the ruling Georgian Dream party.

The resolution’s main message was to continue non-recognition of the Georgian Dream regime’s legitimacy, condemn the imprisonment of opposition figures, impose sanctions, demand the release of political prisoners such as Mazia Amaglobeili, and call for new parliamentary elections.