New NZ law to sanction Russia in the works

The bill is scheduled to be heard on Wednesday and could pass on the same day

By Mina Martin

08 Mar 2022

New Zealand’s government has announced a plan to rush through a new law that will enable it to impose economic sanctions against Russia over its invasion of Ukraine.

Many other countries have already introduced sanctions to Russia, but New Zealand’s existing laws don’t allow it to apply meaningful measures unless they're part of a broader United Nations effort. This left NZ hamstrung, since Russia has UN Security Council veto power.

Prime Minister Jacinda Ardern said the new legislation would allow New Zealand to target people, companies, and assets connected to those in Russia associated with the invasion, including oligarchs, as well as freeze assets and stop superyachts or planes from arriving, the Associated Press reported.

“A bill of this nature has never been brought before our Parliament, but it is essential given Russia’s vetoing of sanctions through the UN,” Ardern said.

Although the bill will only be specific to the Ukraine invasion, it could allow New Zealand to sanction countries seen to be helping Russia, such as Belarus.

Ardern said only a small amount of Russian money was currently invested in New Zealand but that without the new law, that could quickly change if Russian oligarchs began to set their eyes on New Zealand as a backdoor to avoid sanctions elsewhere.

Foreign Minister Nanaia Mahuta said the bill “will send a very clear signal that New Zealand will not be a safe haven for those wishing to move their investments here,” the AP reported.

The Russia Sanctions Bill is scheduled to be heard by lawmakers on Wednesday and could pass as quickly as the same day.

“While the legislation is broad, it doesn’t mean that someone who is Russian and wealthy will automatically be a target," Mahuta said.

So far, New Zealand has banned exports to Russia's military and security forces as well as more than 100 people from traveling to New Zealand, including Russian President Vladimir Putin, AP reported.