The agency said that the CIS sovereigns could be affected given their economic, financial and energy ties with Russia, as well as their generally weak liquidity and external positions.

TBC Bank is one of Georgia's two biggest commercial banks and is listed on the London Stock Exchange.

Factoring is an important tool for small businesses where a lack of collateral can be a serious obstacle to growth. This service contributes to the development of local economies.

The banking sector reported a net profit of 212.696 million lari ($72.1 million) compared with 113.368 million lari in January 2021.