Handelsbanken, a Swedish bank, will suspend financial transactions with Georgia and Armenia as of March 21, according to Georgia’s Business Formula portal. And the reason for this decision is the Ukrainian crisis.

The bank has confirmed that it will restrict the possibility of accounts with Georgia and Armenia, as the bank sees a high risk of transit transfers from these two countries to those under sanctions.

According to Handelsbanken, this measure, however, will affect only a small number of people most of whom are corporate clients.

The bank announced that by passing a certain identification procedure, they will be able to make an exception for some customers of the limited access zone.

In particular, this Swedish bank fears that remittances to Georgia and Armenia may be redirected to countries, including Russia, that are under sanctions.