Month: July 2026

The European Union has imposed sanctions on Russian state-owned energy company Inter RAO, which indirectly owns Georgia’s Telasi, Telmico, Khrami HPP I and Khrami HPP II through its subsidiaries.

The decision could affect Inter RAO’s assets in Georgia as well as ongoing corporate transactions.

Inter RAO was added to the EU sanctions list on 23 July as part of the bloc’s 21st package of sanctions against Russia.

According to the Council of the European Union, the Russian government-controlled company is one of the country’s largest energy groups and plays a significant role in the Russian economy.

EU’s 21st sanctions package targets Kulevi oil terminal and cryptocurrency platforms in Georgia

The Kulevi refinery had previously been considered for inclusion in the EU’s 20th sanctions package, but was ultimately removed from the list

According to the Council, the Russian Federation benefits financially from Inter RAO through both the taxes paid by the company and the dividends received by its owners. For that reason, the EU considers the company to be providing financial support to the Russian authorities, which Brussels holds responsible for the aggression against Ukraine and the annexation of Crimea.

According to the company’s ownership structure, Inter RAO is the indirect owner of 100% of the shares in the Netherlands-registered Silk Road Holdings B.V. The company directly owns a 75.108% stake in Telasi and a 75.471% stake in Telmico.

Inter RAO also indirectly owns the Netherlands-registered Gardabani Holdings B.V., which has full ownership of Khrami HPP I and Khrami HPP II.

At the same time, Silk Road Holdings has launched a tender offer to acquire the remaining 24.892% stake in Telasi. The offer closes on 31 July, applications will be reviewed until 7 August, and the transaction is scheduled to be completed on 21 August.

UK sanctions tanker that delivered Russian oil to Georgia’s Kulevi port

It remains unclear whether this will directly affect Georgian ports or previously completed operations.

What impact could the sanctions have?

The inclusion of Inter RAO on the EU sanctions list could also affect the operations of the companies it indirectly controls in Georgia. Under EU sanctions, banks and companies based in the bloc may be prohibited from carrying out financial transactions, providing economic resources or delivering certain services to legal entities that are directly or indirectly controlled by a sanctioned company.

The restrictions could also limit Inter RAO’s ability to exercise its shareholder rights through its Netherlands-registered subsidiaries. This could affect voting rights, the appointment of directors, the approval and receipt of dividends, the acquisition or disposal of shareholdings, and other key corporate decisions.

Particular attention is also being paid to the planned acquisition of the remaining stake in Telasi. Because the tender offer is being made by the Netherlands-registered Silk Road Holdings, the transaction may require approval from the relevant Dutch regulatory authority, increasing the risk of delays or even suspension of the deal.

At the same time, the EU has not listed Telasi, Telmico or the Khrami hydropower plants as separate sanctioned entities. However, under EU sanctions rules, asset-freezing measures generally extend to companies that are directly or indirectly owned or majority-controlled by a sanctioned individual or entity.

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Inter RAO sanctioned by the EU