Several dozen accounts held by Russian citizens at Bank of Georgia were closed without a stated reason, according to a Telegram channel called Paper Kartuli. A bank spokesperson confirmed the information to Kommersant, adding that account closures appeared to be ordered in line with internal policies and central bank directives rather than any individual case details.
“There seems to be no clear pattern: cards used in Georgia, elsewhere abroad, for both business and personal purposes, were affected,” the Telegram channel suggested.
Belarusian clients were also notified that their accounts had been shut down. A Kommersant source indicated that the closures touched some BoG customers regardless of nationality. Another source claimed Russians could reopen accounts at Bank of Georgia at a later time if they chose to.
Account closure processing was described as taking two to five business days. During that window, customers could transfer funds to another bank or withdraw cash from ATMs. The bank’s representative declined to disclose reasons for blocking, citing internal policy and Central Bank of Georgia orders, noting that banks may opt not to explain account actions to clients.
Agency.Novosti, a Telegram channel, reported that many Russians whose accounts were closed had used them for only a short while. One individual who opened an account in 2018 while enrolling in university was cited as an example.
Bank of Georgia remains the largest commercial bank in the country. After Russia’s military operation in Ukraine began, the bank asked Russians who wished to open an account to complete a questionnaire emphasizing Georgia and Ukraine’s territorial integrity and condemning Russia’s actions. The move caused a major media stir and social-media backlash, with other Georgian banks not implementing similar questionnaires.
Paper Kartuli notes that most blocked accounts showed low activity and were not used for cryptocurrency trading.
RIA Novosti reported that the blocking was not tied to citizenship. BoG stated that an account is typically closed for breaches of internal policy or for suspicious transactions.
Since February 24, more than 45,000 Russian citizens opened accounts in Georgian banks. By late summer 2022, this figure exceeded 60,000. The influx coincided with a 16% rise in Georgia’s national currency, the lari, as Russian funds moved into local banks. Georgia has not imposed unilateral sanctions on Russia but adheres to Western financial restrictions.
In October, the National Bank of Georgia announced transfers amounting to 1.135 billion USD, or about 70.8 billion rubles, from Russia to Georgia during the first nine months of 2022—four times higher than the same period in 2021. Russia emerged as the leading source of money transfers to Georgia, with a surge in September linked to mobilization; thousands of Russians left the country, including to Georgia. The demand for remittances to Georgia also spiked in May, reaching 505.7 million USD for the month.