Inter RAO, one of Russia’s largest state-controlled energy companies and the indirect owner of several major power assets in Georgia, was included in the European Union’s latest sanctions list against Moscow.
The EU said Inter RAO was sanctioned because it provides financial support to the Russian government through its revenues, taxes and dividends. It cited the company’s importance in Russia’s energy sector and its state ownership.
In Georgia, Inter RAO controls its assets through two Netherlands-registered subsidiaries — Silk Road Holdings B.V. and Gardabani Holdings B.V.
Silk Road Holdings owns a 75.47% stake in the Telasi Group, according to corporate information cited by local Business Media Georgia (bm.ge). The group includes electricity distributor Telasi and supplier Telmiko, serving consumers in Tbilisi.
Through Gardabani Holdings B.V., Inter RAO owns the Khramhesi I and Khramhesi II hydropower plants. In 2020, they were responsible for 3.6% of the generated electricity in Georgia.
Inter RAO has also been involved in an investment dispute with the Georgian government. In 2023, the International Centre for Settlement of Investment Disputes (ICSID) ordered Georgia to pay about USD 76 million, plus interest, to Inter RAO subsidiaries Silk Road Holdings and Gardabani over changes to the country’s electricity tariff methodology introduced in 2014. The arbitration proceedings were initiated in 2017.
The EU’s 21st Russia sanctions package also included other measures affecting Georgia. It conditionally included the Kulevi oil refinery on Georgia’s Black Sea coast, with a transaction ban set to take effect in six months unless the decision is reassessed, and sanctioned three Georgia-based cryptocurrency service platforms. The sanctions list also included the operator of the Russian money transfer system Zolotaya Korona, which suspended transfers to Georgia following the sanctions.
Also Read:
