Georgia’s National Bank Says EU-Sanctioned Crypto Firms Operated Outside Its Regulation

The National Bank of Georgia (NBG) has distanced itself from three crypto-related service platforms included in the European Union’s latest sanctions package against Russia. In a statement on July 24, the NBG identified the companies as Aifory LLC, Abcex LLC, and Rapira Group LLC, emphasizing that none of their activities were based in Georgia and that investigative actions have been initiated against them. The EU’s 21st sanctions package, unveiled on July 23, targets 14 crypto platforms across several countries, including Georgia. Notably, two of the named firms—Aifory and Rapira—were already sanctioned by the United Kingdom in May over alleged Russia sanctions evasion. The NBG’s clarification raises questions about oversight of crypto entities operating within Georgia and the effectiveness of regulatory frameworks. Meanwhile, the EU also conditionally sanctioned the Kulevi oil refinery on Georgia’s Black Sea coast, a decision Georgia’s Foreign Ministry has challenged as lacking factual or legal grounds.

Article and image source: civil.ge