A bill is expected to be passed on Wednesday, enabling New Zealand to impose sanctions on people, services, companies and assets related to the Russian invasion of Ukraine.
The Bill does not impose blanket sanctions on all Russian people/operations in New Zealand.
All parties in Parliament support the Russia Sanctions Bill, so it will be passed under urgency.
Prime Minister Jacinda Ardern said, “This Bill is specific to the Russian invasion of Ukraine and will allow new sanctions to be applied as approved by the Foreign Minister.
“Those sanctions 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 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.
“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.”
The plan is for the first tranche of sanctions to take effect mid-next week, and the second tranche a few weeks later.
Ardern said the first tranche includes expanding New Zealand’s travel ban list (see existing list here), freezing assets and sanctions on Russian banks. The second tranche will be a “more forensic analysis of Russian investment in New Zealand”.
She said the Bill will keep the sanctions in place for three years, and provide for the renewal of sanctions.
The Bill comes further to actions New Zealand has already taken against Russia, which include targeted travel bans, prohibiting exports to the military and suspending bilateral foreign ministry consultations.
The Government has also provided an initial $2 million in humanitarian aid to help Ukrainians, and prioritised Ukrainian visa applications.
Foreign Minister Nanaia Mahuta said, as a small country that is a supporter of the multilateral system to uphold peace and security, New Zealand has historically supported sanctions through the United Nations system.
“However, with Russia using its veto as a permanent member of the United Nations Security Council to prevent any action, even in the face of overwhelming opposition to Russia’s war, New Zealand has decided that a targeted sanctions bill is required to show our condemnation in the strongest possible terms.
“New Zealand continues to call on Russia to do what is right and immediately cease military operations in Ukraine and permanently withdraw to avoid a catastrophic loss of innocent life.”
The Government is also continuing to seek advice on a full autonomous sanctions regime. Ardern said measures in the Russia Sanctions Bill are stronger than those which would've been allowed for under an autonomous sanctions regime.
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