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Today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy - Levan Zhorzholiani

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Levan Zhorzholiani, the Head of the Georgian Government Administration, on Thursday said that despite anti-Russian rhetoric in public statements, the former Government under Mikheil Saakashvili transferred strategic energy facilities to the Russian side and imposed higher tariffs on Georgian citizens by its own decision - an approach that was later rejected by the Georgian Dream Government.

In his remarks, Zhorzholiani noted that the Saakashvili administration sold all strategic energy assets, including the transfer of the Khrami hydropower plants to Inter RAO, a Russian company, further pointing out that a Government decree was issued at the time, under which the Georgian Government promised to compensate the Russian side for its investments through increased electricity tariffs.

“The Government also issued a directive promising the Russian side that the increased electricity payments would compensate for the costs they incurred, which, of course, would have burdened Georgian citizens by raising electricity tariffs. The Georgian Dream Government refused to do this. Firstly, because the Government has no authority to set such tariffs; that is the responsibility of the Georgian National Energy and Water Supply Regulatory Commission (GNERC). GNERC set a fair tariff that did not align with Russian interests, which led to arbitration proceedings”, he noted.

“Thanks to the active involvement and efforts of the Ministry of Justice, today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy”, Zhorzholiani continued.

“As for political responsibility, it is clear that a government which publicly declared itself anti-Russian, but in practice acted in the most pro-Russian manner, transferred strategic energy facilities to a Russian company and attempted to impose increased tariffs on its own population - something the Georgian Dream government firmly rejected”, he concluded.

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image Georgia’s international reserves reach USD 7.0 billion in May 2026 - NBG

05.06.2026.21:49

As of May 2026, compared to the previous month, Georgia’s total international reserves increased by USD 531.2 million and amounted to USD 7.0 billion, the National Bank of Georgia (NBG) reported.

The NBG stated that international reserves are a key safeguard for the country’s macroeconomic stability and noted that its long-term policy is focused on reserve accumulation and effective reserve asset management.

According to the NBG, favorable conditions on the foreign exchange market allowed the bank to continue replenishing reserves during 2026.

The NBG highlighted that it diversified its reserves and invested in gold, which was a strategic decision of the National Bank. Since then, the price of the gold asset has increased significantly, which additionally increased the total international reserves.

As of May 2026, as a result of changes in the price of gold, the value of monetary gold has increased by USD 543.2 million since its acquisition.

As of May 2026, the share of gold in total international reserves is 14.9% (USD 1,043.2 million).

The NBG said updated data on total international reserves will be published on July 7, 2026.

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