Opposition MP Roman Gotsiridze on Wednesday criticized the National Bank of Georgia following the institution’s statement on the enforcement of recent US sanctions. Gotsiridze expressed concerns that continued pressure on Georgian banks could severely impact the ability of local businesses to conduct international transactions.
Gotsiridze’s remarks came in response to a recent statement by the National Bank addressing the enforcement of sanctions imposed by the United States on September 16.
The sanctions targeted Zviad Kharazishvili, head of the Special Tasks Department at the Ministry of Internal Affairs; his deputy, Miller Lagazauri; and two leaders of the far-right group Alt-Info, Konstantine Morgoshia and Zurab Makharadze. The US imposed the sanctions due to the individuals’ alleged involvement in violent activities and extremist rhetoric.
The National Bank’s statement outlined a “distinct procedure” for enforcing these sanctions on Georgian citizens, but Gotsiridze argued that this approach could lead to “severe consequences” for Georgian businesses. He warned that if American and European banks refuse to process transactions for individuals on the Magnitsky list, it could result in a “significant backlash” and potentially lead to the collapse of Georgia’s financial institutions.
“The very first transaction will be stopped,” Gotsiridze said, “as American and European banks will not make any transfers for individuals on the Magnitsky list. This will lead to an incredible backlash and the collapse of our financial institutions.”
