Both are approximately 75% owned by Silk Road Holdings, a subsidiary of Inter RAO. Sanctioning Inter RAO does not flip a switch that immediately darkens Tbilisi. Telmico and Telasi’s 2025 annual reports still clearly identify Inter RAO as the ultimate beneficial owner. Inter RAO is unlikely to voluntarily divest the Georgian assets, and with sanctions in place, it cannot receive dividends from them anyway. The assets therefore function as a strategic holding rather than an immediate revenue source for Inter RAO.