New Zealand imposes new sanctions on Russia

Julia Sheredeha

New Zealand is imposing new sanctions on Russiaʼs largest banks and financial institutions as part of the governmentʼs ongoing response to Russiaʼs invasion of Ukraine, Foreign Minister Nanaia Mahuta said.

"Aotearoa New Zealand is imposing sanctions on eighteen financial entities, including Russia’s central bank, sovereign wealth fund, and the largest financial institutions in the country. These major institutions make up approximately 80% of Russia’s total banking assets", said Nanaya Mahuta.

These sanctions are aimed at causing economic and political restrictions, in particular against organizations that finance the continuation of the invasion of Ukraine.

"With this latest round of sanctions, New Zealand is joining countries around the world who have imposed heavy penalties on President Putin and the system financing his illegal invasion", she said.

This round of sanctions targets:

  • Three core government financial institutions, including banks and a key investment fund
  • Eight of the largest banks
  • Seven other banks of significance because of links to oligarchs, Russia’s defense sector and the annexation of Crimea

This is the latest round of sanctions announced last month against Putin and his Security Council members, politicians, military leaders, oligarchs, defense companies, and militias, as well as 35% tariffs on Russian imports to New Zealand.