Day: January 28, 2026
Azerbaijan’s banking sector generated a net profit of 1.162 billion manats in 2025, marking an increase of 117 million manats, or 11%, compared with the previous year, Azernews reports, citing the Central Bank of Azerbaijan (CBA). According to the bank, banks operating in the country paid a total of…
US businessman opposes MEGOBARI Act
An influential Republican donor and the head of a Texas-based oil company is lobbying the US Congress to block a bipartisan initiative known as the MEGOBARI Act, which seeks to impose sanctions on Georgia’s government, according to an article published by The Hill.
The publication reports that Steve Nicandros, the chairman and chief executive of Frontera Resources, has been urging members of United States Congress not to pass the legislation. The bill would introduce sanctions against Georgian officials over what it describes as pro-Russian and anti-democratic actions by the country’s authorities.
On 6 May 2025, the US House of Representatives voted to pass the MEGOBARI Act, a bill introducing sanctions against members of Georgia’s government and other individuals deemed to pose a threat to the country’s stability, security and democracy. The legislation also calls for a full review of relations between the United States and Georgia, including all assistance programmes.
On 6 September 2025, The Hill reported that Republican Senator Markwayne Mullin had persuaded Senate Majority Leader John Thune to remove the MEGOBARI Act from the National Defense Authorization Act (NDAA). Earlier this year, Mr Mullin had also blocked an attempt to fast-track the bill’s passage.
In a new article, The Hill reports that in January 2026 Steve Nicandros sent a letter to at least one member of the United States House of Representatives, urging them to halt the passage of the bill.
In the letter, Mr Nicandros said he had invested more than $500m in Georgia and planned to launch a new $100m investment programme in the country over the next two years.
He also argued that the MEGOBARI Act and other efforts to impose sanctions on Georgia would harm US businesses operating there and undermine economic cooperation. American companies, he warned, could become “collateral damage” in a political struggle.
The Hill adds that Mr Nicandros has made campaign donations to Republican Senator Markwayne Mullin, although the lawmaker has previously said that his position is not connected to Mr Nicandros.
Steve Nicandros places responsibility for the deterioration of relations with Tbilisi on former US President Joe Biden and his administration. According to Nicandros, what he describes as the Biden administration’s “liberal-progressive” foreign policy has significantly undermined the long-standing partnership between the United States and Georgia.
The letter is accompanied by a six-page “analysis” in which Nicandros challenges assessments by international observers that Georgia’s 2024 parliamentary elections were neither free nor fair. He also defends the “foreign agents” law adopted by the ruling Georgian Dream party and argues that it is an ideological ally of Donald Trump’s administration and therefore deserves support.
The article also quotes Republican Congressman Joe Wilson as saying that the MEGOBARI Act is needed to strengthen Donald Trump’s geopolitical initiatives in the South Caucasus, including what he described as “Trump’s path to international peace and prosperity” linking Armenia and Azerbaijan. According to Mr Wilson, the success of this route would be in doubt if Tbilisi does not change course.
“Historic peace between Armenia and Azerbaijan and the success of the ‘Trump path’ are only possible if the Georgian Dream government changes its anti-American behaviour,” Mr Wilson said.
US businessman opposes MEGOBARI Act
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