New Zealand to Expand Its Sanctions on Russia

Wellington: New Zealand is set to significantly expand its sanctions on Russia and individuals and companies connected to the Russian Government through a first of its kind, targeted, autonomous sanctions regime.
 
According to New Zealand Prime Minister Jacinda Ardern, the Russia Sanctions Bill will pass under urgency this week to provide further extensive sanctions on Russia in response to the invasion of Ukraine.
 
“A Bill of this nature has never been brought before our Parliament, but with Russia vetoing UN sanctions we must act ourselves to support Ukraine and our partners in opposition to this invasion," Ardern said in a press release on Monday.

“When we first responded to Russia’s invasion by issuing targeted travel bans, prohibiting exports to the military and suspending bilateral foreign ministry consultations we said no options were off the table. Today we take the next step in our response to increase sanctions, in line with the actions of our partners. This Bill is specific to the Russian invasion of Ukraine and will allow new sanctions to be applied as approved by the Foreign Minister," she explained.
 
Those sanctions, she said, can be imposed on people, services, companies, and assets related to those in Russia who are responsible for or associated with the invasion, or that are of economic or strategic relevance to Russia, including oligarchs.
 
A public sanctions register, she added, will be set up to list every individual, entity, asset, or service that is sanctioned.
 
"The sanctions will enable the Government to freeze assets located in New Zealand. Those sanctioned will also be prevented from moving assets to New Zealand or using our financial system as a back door to get around sanctions increasingly imposed by other countries," she said.
 
"Sanctions could also apply to trade, and financial institutions as well as stopping the likes of Russian super yachts, ships and aircraft from entering New Zealand waters or airspace. The Bill also allows for sanctions to be imposed against other states complicit with Russia’s illegal actions, such as Belarus,” Ardern concluded.
 
The New Zealand Government has also provided an initial $2m in humanitarian aid, prioritised visa applications and released some emergency oil stocks to help stabilise shaky oil markets.
 
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