New Zealand announces new sanctions package against Russia

New Zealand has announced a new tranche of sanctions against Russia "as part of the ongoing international sanction response to Russia’s illegal invasion of Ukraine in February 2022."

Source: a statement on the website of the New Zealand government

Details: The restrictions include:

• adhering to the price cap on Russian oil set by the G7+;
• a clear ban on the export of dual-use goods to Russia and Belarus through third countries;
• the addition of 45 individuals and 16 legal entities to the sanctions list.

"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.

New Zealand has sanctioned a further 61 Russian individuals and entities, including those involved in sanctions evasion procurement networks," the statement says.

The list includes companies that purchase technologies for the Russian defence industry, as well as top managers of some Russian banks. The sanctions also targeted individuals involved in arms purchases from North Korea.

"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 statement says.

Since the adoption of the Russian Sanctions Act in March 2022, New Zealand has imposed restrictions on more than 1,600 individuals and legal entities, as well as a number of trade measures.

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