National Bank of Georgia Freezes Otar Partskhaladze's Accounts Amid US Sanctions
By Liza Mchedlidze
Wednesday, September 20, 2023
Otar Partskhaladze, the former chief prosecutor of Georgia, was restricted by the National Bank of Georgia from accessing assets and executing financial transactions due to US sanctions.
"As is known, since February 26, 2022, in accordance with the instructions of the National Bank of Georgia, the country's financial institutions have been fully complying with the financial sanctions imposed by the USA, the European Union, and Great Britain against the Russian Federation...
In line with the aforementioned instructions and rules, Georgia's financial sector has been directed, among other things, to adhere to the requirements established by the US Treasury's Office of Foreign Assets Control (OFAC) regarding individuals listed on the Sanctioned Persons List (SDN list). This involves restricting sanctioned individuals' access to assets and limiting their ability to carry out various financial transactions. Sanctioned persons are restricted in both fund management and the execution of all types of financial operations.
We would like to remind you that the Georgian financial sector operates in full compliance with the requirements outlined by the sanctions regimes," stated the National Bank of Georgia.
Chairman of Georgian Dream, Irakli Kobakhidze, responded to the National Bank of Georgia's decision to restrict assets and transfers for Otar Partskhaladze, stating that it contradicts the presumption of innocence.
"When certain decisions are made, and when they may conflict with each other, I'm not sure if there may be an internal regulation of the National Bank, but priority is always given to the Constitution of Georgia. If the National Bank has indeed made such a decision, it directly contradicts the Constitution of Georgia, particularly one of its fundamental principles - the presumption of innocence concerning a Georgian citizen. You know, the constitution provides special protection for Georgian citizens," Kobakhidze said.
