At a time when geopolitical risks are intensifying across global energy markets, Turkiye is preparing for a fundamental transformation in its energy policy. In an interview with Yeni Şafak, Energy and Natural Resources Minister Alparslan Bayraktar emphasized that electrification will form the core of the country’s new energy roadmap, set to be unveiled in 2026. The strategy aims to reduce energy costs while decreasing dependence on foreign resources.
Category: South Caucasus News
Category Added in a WPeMatico Campaign
Sale of Georgia’s Liberty Bank
Businessman Irakli Rukhadze has officially transferred Liberty Bank to a new owner, following the sale of Imedi TV. Basisbank now holds 95.99% of the bank’s shares. The parties say the decision was driven by mutual financial benefit. Liberty Bank reported a net profit of 128 million lari in 2025.
Liberty Bank has held a dominant position in Georgia’s pension system for many years. It is the only financial institution offering loans secured against pensions — a product that allows clients to receive several months of pension payments in advance, albeit at relatively high interest rates. Basisbank, now the largest shareholder of Liberty Bank, belongs to the Chinese Hualing Group. The bank last expanded significantly in 2022, when sanctions imposed after Russia’s full-scale invasion of Ukraine affected Russia’s VTB bank. At that time, Basisbank acquired VTB’s Georgian assets.
Under the new ownership, David Tsaava, head of Basisbank, will become chief executive of Liberty Bank. The companies say both banks will continue to operate without disruption for their clients.
Rukhadze, who is widely seen as part of the inner circle of Georgia’s informal leader Bidzina Ivanishvili, sold Imedi TV in February, just days before the UK imposed sanctions on the channel for spreading Russian propaganda. Shortly afterwards, reports emerged that he also planned to sell Liberty Bank.
Talk of a possible sale of the bank began last year. Rukhadze confirmed at the time that negotiations were under way and that Basisbank was the main candidate, although he did not rule out a different outcome or the possibility that the deal might not happen at all.
As reports of the sale spread, speculation emerged that Rukhadze was trying to mitigate the impact of potential sanctions. The businessman rejected this, saying the sale of his companies was a strategic business decision rather than a move linked to sanctions.
Comment
Economist Roman Gotsiridze says Irakli Rukhadze has effectively bypassed sanctions in this way.
Roman Gotsiridze: “Rukhadze left Liberty Bank out of fear of sanctions. Basisbank acquired it. Pensions and social benefits for more than 1.6 million of our citizens will now be distributed by a bank under Chinese control.
A Chinese company will gain access to the personal data of 42% of Georgia’s population. <…> If there is anything positive in this deal, it is that Liberty Bank avoided the threat of sanctions.”
Sale of Georgia’s Liberty Bank