ANNOUNCEMENT 20 Apr 2022

On 20 April 2022, the New Zealand Ministry of Foreign Affairs announced new sanctions on Russian banks.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The New Zealand Ministry of Foreign Affairs and Trade. Home. Countries and regions. Europe. Ukraine. Russian invasion of Ukraine. "Russian Sanctions." Available at:
https://www.mfat.govt.nz/en/countries-and-regions/europe/ukraine/russian-invasion-of-ukraine/sanctions

The New Zealand Ministry of Foreign Affairs and Trade. Home. Countries and regions. Europe. Ukraine. Russian invasion of Ukraine. Russian Sanctions. "Russian Sanctions Register" updated 20 April 2022. Available at:
https://www.mfat.govt.nz/assets/Uploads/Russia-Sanctions-Register-updated-20-April-v6.xlsx

Inception date: 20 Apr 2022 | Removal date: 17 Mar 2025

Controls on commercial transactions and investment instruments

On 20 April 2022, the New Zealand Ministry of Foreign Affairs and Trade updated the "Russia Sanctions Register" under the Russia Sanctions Regulations 2022, which expires on 17 March 2025. It now includes controls on commercial transactions and investments for 16 Russian commercial banks.

The reason for the additional economic sanctions is Russia's invasion of Ukraine. The banks included in the sanctions are: Sberbank, Gazprombank, VTB Bank, Alfa-Bank, Bank Rossiya, Bank Otkritie, Rosselkhozbank (Russia's Agricultural Bank), the Black Sea Bank for Development and Reconstruction, Genbank, Russian National Commercial Bank, SMP Bank, Sovcombank, Novikombank, the Industrial Savings (IS) Bank, the Russian Direct Investment Fund, Vnesheconombank (VEB), and the Credit Bank of Moscow. According to the New Zealand Minister of Foreign Affairs, "Our response to the war in Ukraine is the most significant response to an international crisis we’ve undertaken as a nation in recent history."

On the same day, the Ministry of Foreign Affairs and Trade also imposed financial sanctions on two non-commercial entities: the Vnesheconombank (VEB) and the Central Bank of Russia (see related interventions). To view additional sanctions on Russian entities, like a recent import tariff increase of 35% on all products and an export ban on certain products, please, see related state acts.

 

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 20 Apr 2022 | Removal date: 17 Mar 2025

Controls on commercial transactions and investment instruments

On 20 April 2022, the New Zealand Ministry of Foreign Affairs and Trade published the "Russian Sanctions Register" amending the Russia Sanctions Regulations 2022. The measure includes controls on transactions and investments for the Central Bank of the Russian Federations following Russia's invasion of Ukraine. It expires on 17 March 2025.

The measure also foresees financial sanctions on Russian commercial banks (see related intervention).

To view additional sanctions on Russia, like a recent import tariff increase and export ban, please see the related state acts.

 
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