Prime Minister Jacinda Ardern said the bill will target those of economic or strategic relevance to Russia, including oligarchs.
Although it wouldn’t deliver the same scale of economic consequences to Russia as sanctions enacted by big global powers, including the United States, New Zealand’s move is symbolic in that it is a first of its kind for the nation, which usually follows the lead of the United Nations when applying sanctions against belligerent powers.
“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 statement Monday, referring to Moscow’s veto power as a permanent member of the U.N. Security Council. “Despite international condemnation and the resilience and resistance of the Ukrainian people, Russia’s assault continues, and so must our pressure.
The sanctions would freeze assets located in New Zealand. They would also prevent those who are sanctioned from moving assets to New Zealand or using the country’s financial system as “a back door” to get around sanctions elsewhere, the government said. “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,” Foreign Minister Nanaia Mahuta said.and others associated with the invasion who are banned from entering New Zealand, including President Vladimir Putin and Foreign Minister Sergei Lavrov.
Ardern’s center-left Labour Party has a majority in Parliament, and the bill is set to pass this week.
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