New Zealand has announced its 34th round of sanctions against Russia, which includes a reduction in the price cap for Russian crude oil and the sanctioning of 100 vessels forming part of Russia's "shadow fleet." This move is a calculated effort to reduce Russia's oil revenues, which are perceived as funding its ongoing war in Ukraine. The previous price cap for Russian crude oil (HS Code 2709) was $47.60 USD, and it has now been lowered to $44.10 USD. This decision aligns New Zealand with actions taken by countries such as Canada, the EU, and the UK.
The sanctions also target individuals and entities involved in Russia's military-industrial complex, malicious cyber activities, and alternative payment providers that facilitate sanctions evasion. This includes actors from North Korea and Iran who are supporting Russia's war effort. New Zealand has previously sanctioned actors from Belarus, Iran, and North Korea, as well as entities involved in refining and transporting Russian oil and facilitating oil-related payments. Overall, since the Russia Sanctions Act came into force in March 2022, New Zealand has imposed sanctions on over 1,900 individuals, entities, and vessels.
In addition to the new sanctions, New Zealand will provide $8 million in fresh assistance to Ukraine. This aid package includes $5 million in humanitarian assistance to international aid partners supporting Ukrainian civilians. Furthermore, New Zealand has implemented a 35% tariff on all Russian imports and banned the import of Russian gold. The sanctions aim to disrupt the trade of Russian oil and other exports, thereby curtailing the financial resources available to Russia.
