New Zealand unveiled new sanctions on Russian financial institutions, as a result of Moscow’s invasion of Ukraine.
Government officials of the island country said New Zealand is placing measures that restrict dealings with 18 Russian financial institutions, including the country’s central bank and sovereign wealth fund.
“These sanctions are designed to impose an economic and political cost, specifically targeting organizations that finance the continued invasion of Ukraine,” New Zealand Foreign Minister Nanaia Mahuta said in a statement Tuesday.
The sanctions target Russia’s three core government institutions, eight of its largest banks, as well as seven other banks with links to oligarchs, Russia’s defense sector and Moscow’s annexation of Crimea, according to Ms. Mahuta.
Gazprombank, Sberbank, Alfa Bank and VTB are among the 18 sanctioned banks that make up roughly 80% of Russia’s total banking assets, Ms. Mahuta said.
The move comes just over a month after New Zealand’s parliament passed the Russia Sanctions Act, enabling the government to impose economic sanctions targeting specific people, companies, assets and services linked to Russia’s invasion of Ukraine.
New Zealand already has placed asset freezes on President Vladimir Putin, members of Russia’s Security Council, as well as other political, economic and military elites. It will also apply a 35% tariff on all Russian imports from April 25.
Read More: Moscow Says Ukraine Fight Entering New Phase