Georgia Bankers Association declares that amid international sanctions imposted by the Western nations, service of VISA and Mastercard credit cards of Russian banks in Georgia has been suspended. The association explains the impact of these sanctions on the Georgian banking system.

After sanctions were placed on Russia, VTB Bank announced on Sunday that it had sold its entire retail business - its retail deposit andloan portfolio - to BasisBank.

Taking into account the disconnection of Russian banks from SWIFT, Georgian banks will no longer be able to serve transfers with Russian banks.

"Georgia's banking system expresses solidarity with the Ukrainian people and is taking all possible measures to support the Ukrainian people.

In the light of the current events in Ukraine, the international community has imposed a range of sanctions on aggressor Russia and Russian banks.

The sector makes effective decisions and adapts quickly to current changes.

The number of sanctions is increasing regularly. We are monitoring the news and analyzing the possible impact of the restrictions on the Georgian banking system.", noted the Georgia Banker Association.