Russia-Ukraine war: Georgia will not partake in int'l sanctions against Moscow, avers PM

Fearing Vladimir Putin may extend its forces to countries that are in support of anti-Russia sanctions, Georgia's Prime Minister Irakli Garibashvili asserted that his administration will not partake in the international economic and financial block-outs imposed against Moscow, TASS reported. While citing the national interests as the reason behind the decision, the Georgian PM said, "Georgia will not participate in financial and economic sanctions." 

"As a government leader, I have always been considering that Georgia should not join anti-Russian sanctions," PM Garibashvili said while adding, "We held that position last year and we are not going to change it this year."

"We got acquainted with the actions of our international partners that followed the outbreak of hostilities in Ukraine. I mean the introduction of economic and financial sanctions (against Russia). I want to clearly and unequivocally state that Georgia, taking into account the national interests, is not going to participate in financial and economic sanctions," he added. 

The statement holds relevance against Russian PM Dmitry Medvedev's claim that the Kremlin may expand the list of nations that are subject to its counter-sanctions, with no mention of countries or measures. 

Global powers impose sanctions against Russia

• United States 

Against Russia's attack on Ukraine, the Biden administration announced severing the connection to the U.S. financial system for Russia’s largest financial institution, Sberbank, including 25 subsidiaries, by imposing payable-through account sanctions. Furthermore, the US administration imposed full blocking sanctions on Russia’s second-largest financial institution, VTB Bank (VTB), including 20 subsidiaries. Moreover, US authorities have imposed full blocking sanctions on three other major Russian financial institutions - Bank Otkritie, Sovcombank OJSC, Novikombank and 34 subsidiaries. Debt and equity restrictions have been announced on thirteen of the major Russian enterprises and entities.

• United Kingdom

The United Kingdom has imposed sanctions on five Russian banks and three individuals. While the 5 banks including Bank Rossiya, Black Sea Bank, Genbank, IS Bank, and Promsvyazbank are small lenders, the three individuals are said to be allies of President Vladimir Putin. 

• European Union

The European Union issued sanctions blacklisting Russian politicians and officials further banning trades in the Russian state, bonds, imports, and exports among others. The move taken with the aim to target the ability of the Russian state and government will limit the financing which has escalated in the aggressive policies of the country. Along with that, the banks involved in the activities have also been roped in in the sanctions. 

• Germany

Joining the wave of sanctions against Russia, German Chancellor Olaf Scholz has suspended the certification process for the crucial Nord Stream 2 natural gas pipeline which directly links the Russian gas connection to Europe via Germany. 

• Australia

Australia and its set of sanctions against Russia on Wednesday stand against individuals who are responsible for the actions against Ukraine. Australian Prime Minister Scott Morrison said that it is just the beginning and sanctions will be imposed against Russia in the coming days. 

• Canada

The Canadian government has barred Canadian citizens from many kinds of financial dealings with the breakaway regions as recognised as independent by Russia. Apart from that, it has also restricted Canadians to engage in purchasing Russian sovereign debts. Along with that, it has also applied sanctions on two banks to prevent any financial dealings with them.

• Japan

The Japanese government has also joined the group and imposed sanctions on Russia and its actions which include prohibiting Russian bonds in Japan and further freezing the assets of Russian individuals.

Image: AP