The contents are the sole responsibility of the authors and can under no circumstance be regarded as reflecting the position of Sweden. [...] PAGE | 1 | INTRODUCTION The Policy Alert raises questions for future consideration regarding the implementation of international sanctions and compatibility of domestic regulatory guidance. [...] The September 19, 2023 amendment to the above order introduced exceptions for Georgian citizens and legal entities owned by Georgian citizens, mandating banks to comply with the August order only in case of guilty verdict by the Georgian court. [...] | POTENTIAL DISRUPTIONS Despite the uncertainty in predicting future developments, it is important to consider the potential negative implications and economic disruptions associated with the risk of non- compliance with US sanctions: Financial flow disruptions: Non-compliance can severely damage a company’s reputation, leading to the loss of business and restricted access to the US financial syst. [...] ISET Policy Institute is a university-based think-tank and its affiliation with the International School of Economics (ISET) at TSU drives intellectual and financial synergies, as well contribution to delivering of world-class economic education, strengthening good governance and inclusive economic development in Georgia and in the region.
Authors
- Pages
- 4
- Published in
- Georgia
Table of Contents
- PAGE 1 1
- PAGE 2 2
- The National Bank of Georgia NBG in its recent September 2024 press statement emphasizes that the countrys financial sector adheres to international sanctions within its own regulatory framework. 2
- PAGE 3 3
- US sanctions may have impact on Georgian banks through two main channels 3
- Secondary sanctions risk 3
- Correspondent banking risk 3
- Financial flow disruptions 3
- Trade disruptions 3
- Remittances disruptions 3
- PAGE 4 4
- ISET Policy Institute 4
