EU Sanctions Include Inter RAO, Russian Energy Giant Indirectly Owning Georgia’s Power Assets
Inter RAO, one of Russia’s largest state-controlled energy companies and the indirect owner of several major power assets in Georgia, was included in the European Union’s latest sanctions list against Moscow.
The EU said Inter RAO was sanctioned because it provides financial support to the Russian government through its revenues, taxes and dividends. It cited the company’s importance in Russia’s energy sector and its state ownership.
In Georgia, Inter RAO controls its assets through two Netherlands-registered subsidiaries — Silk Road Holdings B.V. and Gardabani Holdings B.V.
Silk Road Holdings owns a 75.47% stake in the Telasi Group, according to corporate information cited by local Business Media Georgia (bm.ge). The group includes electricity distributor Telasi and supplier Telmiko, serving consumers in Tbilisi.
Through Gardabani Holdings B.V., Inter RAO owns the Khramhesi I and Khramhesi II hydropower plants. In 2020, they were responsible for 3.6% of the generated electricity in Georgia.
Inter RAO was involved in an investment dispute with the Georgian government. In 2023, the International Centre for Settlement of Investment Disputes (ICSID) ordered Georgia to pay about USD 76 million, plus interest, to Inter RAO subsidiaries Silk Road Holdings and Gardabani over changes to the country’s electricity tariff methodology introduced in 2014. The arbitration proceedings were initiated in 2017.
The EU’s 21st Russia sanctions package also included other measures affecting Georgia. It conditionally included the Kulevi oil refinery on Georgia’s Black Sea coast, with a transaction ban set to take effect in six months unless the decision is reassessed, and sanctioned three Georgia-based cryptocurrency service platforms. The sanctions list also included the operator of the Russian money transfer system Zolotaya Korona, which suspended transfers to Georgia following the sanctions.
Commenting on the matter, the National Bank of Georgia (NBG) stressed in a statement issued on July 27 that Telasi is only indirectly owned by Inter RAO and has not itself been sanctioned by the European Union. “Accordingly, banks will continue to provide services to JSC Telasi in the national currency, in compliance with the applicable sanctions, the regulations of the National Bank of Georgia, their internal policies, and their respective risk assessment frameworks,” the central bank said.
Last updated at 18:00 on July 27.
Also Read:
- 24/07/2026 – MFA ‘Regrets’ EU Decision to Conditionally Include Kulevi Refinery in Russia Sanctions Package, ‘Hopes’ for Review
- 24/07/2026 – National Bank Says EU-Sanctioned Georgia-Based Crypto Firms Not Under Its Regulation