Monday, April 22, 2024

New Russian sanctions announced

Foreign Minister, Winston Peters, has today announced a new package of sanctions as part of the ongoing international response to Russia’s illegal invasion of Ukraine.

The new sanctions are:

  • Implementation of the G7-plus price cap on Russian-origin oil;
  • making explicit the prohibition on exporting restricted items to Russia and Belarus through third countries; and
  • designating 61 individuals and companies to counter evasion efforts. 

“Increasingly sophisticated methods are being used in the effort to evade sanctions. By targeting evasion methods, the Government is contributing to the robustness of the sanctions system,” Mr Peters says.

“New Zealand has sanctioned a further 61 Russian individuals and entities, including those involved in sanctions evasion procurement networks.”

The designations include entities procuring technology for Russia’s defence industry and senior leaders of certain Russian banks. Those involved in the procurement of weapons from North Korea have also been sanctioned, the Minister confirmed.

“These new designations are a contribution by New Zealand to collective international efforts to impair Russia’s ability to fund its war of aggression against Ukraine, and ensure New Zealand is not used as a channel for sanctions evasion.”

“The sanctions underscore New Zealand’s steadfast condemnation of Russia’s unprovoked and unjustifiable war against Ukraine, as we reach the two-year point since the February 2022 full-scale invasion,” he said.

Since the passing of the Russia Sanctions Act in March 2022, New Zealand has imposed sanctions on more than 1,600 individuals and entities, along with a range of trade measures.

More information about sanctions, travel bans, and export controls against Russia and Belarus, as well as diplomatic, military, and economic support to Ukraine, can be found on the Ministry of Foreign Affairs and Trade website here.

Latest Articles