The National Bank has issued a statement in response to the imposition of sanctions on Russian banks. According to the National Bank, it is ready to provide VTB Bank Georgia with relevant financial resources in case of additional liquidity needs.

"In recent days, the United States, the United Kingdom, the European Union and other countries have imposed sanctions on the Russian financial system, including VTB Bank Group and its member VTB Bank (Georgia), over the hostilities carried out by Russia in Ukraine in recent days. In addition to the sanctions imposed so far, this imposes restrictions on Russian banks regarding operations in dollars, euros, pounds and other currencies, this will come into full force from March 26.

"In order to neutralize the potential risks, the National Bank of Georgia together with JSC VTB Bank Georgia had previously developed an action plan in case of imposing sanctions. As a result, both the bank and the NBG are fully prepared for the current situation. The bank is solvent and the interests of its depositors are fully protected. JSC VTB Bank Georgia continues to operate under these restrictions. In case of need for additional liquidity, the NBG is ready to provide the bank with appropriate financial resources," the statement reads.