Why Did the Bank of Georgia Block Russian Account Holders? Details

The Bank of Georgia is not blocking the accounts of Russian citizens specifically due to their nationality; the decision is based on violations of the bank’s internal policies and suspicious transactions, stated a representative of the financial institution.

As explained by a bank employee in an interview with РИА Новости, the institution conducts "routine checks of customer accounts," regardless of whether "they are citizens of the Russian Federation or citizens of other countries." According to him, account blocking typically occurs if "transactions and account usage rules do not comply with the bank's internal policies or are deemed suspicious."

It was previously reported that Georgia's largest bank, the Bank of Georgia, has closed the accounts of several Russian citizens. The account closures have affected certain customers "regardless of their nationality." The decree from the National Bank of Georgia allows commercial banks to close accounts without providing explanations regarding the reasons, the financial institution has informed.