According to the National Bank of Georgia, three of the 14 virtual asset-related entities sanctioned under the European Union’s 21st package of sanctions against Russia — Aifory LLC, ABCEX LLC and Rapira Group LLC — are registered in Georgia. However, none of them is a regulated entity supervised by the National Bank of Georgia.

According to a statement issued by the National Bank, none of the sanctioned companies conducted activities in Georgia, and additional investigative measures have been launched against them.

“Three of the 14 virtual asset-related entities sanctioned under the European Union’s 21st package of sanctions against Russia — Aifory LLC, ABCEX LLC and Rapira Group LLC — are registered in Georgia, but none of them is a regulated entity supervised by the National Bank of Georgia.

“According to the information available to us, following an inquiry conducted by the relevant investigative agency, none of the sanctioned companies had Georgia as the area of its operations. In addition, further investigative measures have been launched against them. We also note that the regulatory framework of the National Bank of Georgia establishes strict requirements for entering and operating in the market and serves as an important filter for entities involved in illegal activities.

“Furthermore, the regulatory framework developed by the National Bank for virtual asset service providers is in line with the standards of the Financial Action Task Force (FATF) and best international practice, as confirmed by the 2024 assessment of the Council of Europe’s Committee of Experts (MONEYVAL). According to the assessment, Georgia’s rating with regard to Recommendation 15 — which concerns compliance with requirements related to the adoption of new technologies and the regulation of virtual asset service providers (VASPs) — is ‘largely compliant.’ The United Kingdom and France, for example, have received the same rating with regard to this recommendation,” the statement said.

For reference, the Kulevi oil refinery was included in the EU’s 21st package of sanctions against Russia. The European Union is imposing a transaction ban on the Georgian refinery, which will enter into force in six months.