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Important Information for Customers Regarding International Sanctions

TBC Bank operates in accordance with the laws of Georgia and has strictly complied, and will continue to comply, with sanctions imposed by the United States, the European Union, the United Kingdom, and the United Nations. It is important to us that our customers are properly informed about the main requirements of the international sanctions imposed on the Russian Federation and pay close attention to their compliance in order to ensure timely alignment with regulations and thus avoid possible complications.

In this context, it is important to highlight the guidance (hereinafter, the "Guidance") published on June 27 by the United Kingdom's Foreign, Commonwealth & Development Office (FCDO) for Georgian businesses, which brings together various practical recommendations on sanctions compliance (you can access the Guidance at the following link).

The Guidance aims to:

  • Inform Georgian businesses about the requirements in national legislation regarding compliance with sanctions imposed on Russia.

  • Explain the potential consequences of non-compliance with sanction requirements, which may include, among other things, loss of access to services and products, refusal of service by UK and/or international banks. The Guidance also emphasizes the possibility of direct sanctioning of legal or natural persons who fail to comply with UK sanctions.

  • List practical measures that Georgian businesses should undertake to manage these risks, including how to screen various parties involved in transactions against relevant lists, how to identify goods prohibited for export to Russia due to trade restrictions, etc.