It has been reported this week that the Bank of Georgia introduced a restriction for Russian nationals with the Bank of Georgia accounts in regard to purchases worth more than EUR300 in compliance with international sanctions.

According to Article 3h of the European Union Regulation No 833/2014 as amended by Regulation (EU) 2022/428, it is prohibited to sell, supply, transfer or export, directly or indirectly, any luxury goods specified in the Annex to Regulation 833/2014, insofar as their value exceeds EUR 300 per item.

‘The Bank of Georgia has and continues to comply with the requirements under the sanctions regulations imposed by the United States, the European Union and the United Kingdom,’ the bank’s press service told Russian media TASS in reply to a request for comments.

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Updated: 23 May 2025

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