Governor of the National Bank of Georgia, Natia Turnava, said the country’s financial sector strictly follows international sanctions and has had almost no violations in the past three years.

Speaking to journalists about new UK and US sanctions on the Russian oil company Lukoil, Turnava stressed that Georgian banks will act in full compliance.

“Our financial sector has consistently implemented international sanctions. In this new case, both banks and regulators will study the measures and follow them carefully,” she said. “Ensuring compliance has always been our practice, and we don’t expect any issues.”

Reporters had asked whether Georgian banks would continue to work with Lukoil-Georgia, which was reportedly included in the sanctions list.

On October 15, the UK added Rosneft and Lukoil to its sanctions list, followed by similar measures from the US Treasury Department on October 23.