Georgia: depositors' interests of sanctioned VTB Bank fully protected

VTB Bank Georgia, which is a part of the Russian VTB Bank Group, is solvent and the interests of its depositors are fully protected amid the sanctions imposed on the Russian financial system by the United States, European Union and various other countries worldwide, the National Bank of Georgia (NBG) said.  

The NBG said an “action plan” had also been developed to make sure both the local branch of the private bank, and the Georgian national bank were “fully prepared for the current situation” with regard to sanctions. The former also said it was ready to provide VTB Georgia with “appropriate financial resources” in case of additional liquidity needs, adding the bank “continues to operate in accordance with the restrictions.”

"Our task is to protect the interests of the bank's depositors, the citizens of Georgia, and to take care of the stability of the country's financial system, taking into account the fulfilment of conditions of sanctions," the NBG further explained.

The statement additionally highlighted the national bank of the country “continues to intensively monitor” the developments, expressing readiness to “protect the interests of the bank's depositors using international standards and instruments provided by law.”

Sanctions imposed against VTB limit operations for major Russian banks in dollars, euros, pounds and other currencies, with the restrictions coming into full effect on March 26.