The Bank of Georgia has imposed limitations on Russian cardholders, preventing them from purchasing luxury items priced above 300 euros, as reported by Russian and Georgian media on Thursday.

A representative from the Bank of Georgia informed the RBC business outlet that transactions via Visa and Mastercard exceeding $300, 300 euros, or 300 British pounds are now restricted at select luxury retailers overseas.

In March 2022, the European Union enacted a ban on the export of luxury goods valued over 300 euros to Russia, later expanding this ban in December 2023 to all high-end products, no matter their origin. Similarly, the United States introduced sanctions in 2022 that focused on specific categories of products rather than imposing a monetary limit.

“The Bank of Georgia is complying with and adhering to the sanction regulations set forth by the United States, the European Union, and the United Kingdom,” the bank stated to the Georgian news outlet Tabula.

RBC noted that this action by the Bank of Georgia represents the first known case of a financial institution actively limiting luxury purchases by Russians in compliance with these sanctions. It remains uncertain how many customers will be impacted by this policy.

Previously, Russian customers faced occasional payment difficulties at luxury shops in cities such as Rome, Nice, and Dubai, according to RBC.

The Bank of Georgia did not respond to The Moscow Times’ inquiries for further information. It is unclear why the bank decided to implement these restrictions over three years after the introduction of Western sanctions.

Numerous Russians moved to Georgia following the onset of the full-scale invasion of Ukraine in February 2022, driven by concerns over potential military conscription, political repression, and economic uncertainty.