New Zealand targets top Russian banks, finance firms in new sanctions against aggressor

New Zealand which has condemned Russia for its unjustified attack on Ukraine on numerous occasions, has decided to impose further sanctions against Russia. New Zealand's Foreign Minister Nanaia Mahuta announced sanctions against Russia's top banks and financial institutions. Mahuta said that sanctions have been imposed on 18 financial entities, including Russia's central bank, sovereign wealth fund and the country's top financial institution. She claimed that approximately, 80% of Russia's entire banking assets are held by these huge institutions.

The Foreign Minister also stated that these sanctions are intended to impose a financial and political penalty, with a focus on organisations that fund the ongoing invasion of Ukraine. She also said that with this new round of sanctions, New Zealand joins a growing number of countries throughout the world who have slapped severe sanctions on Russia's President Vladimir Putin and the financial system that supports his illegal invasion.

Sanctions in this round are aimed at 3 main Russian govt financial entities

New Zealand's government suggests that the sanctions in this round are aimed at main government financial entities, including banks, according to the official website of Beehive. Entities that are subjected to sanctions are Alfa-Bank, Bank Rossiya, Bank Otkritie, Black Sea Bank for Development and Reconstruction, Central Bank of the Russian Federation, Credit Bank of Moscow, Gazprombank, GenBank, Industrial Savings Bank, Novikombank, Russia Agricultural Bank, Russian National Commercial Bank, Russian Direct Investment Fund, Sberbank, Sovcombank, SMP Bank, Vnesheconombank and VTB.

Foreign Minister Nanaia Mahuta said that the stories of Russian forces being abusive are highly concerning to them and that New Zealand continues to condemn Putin's aggression and backs the International Criminal Court's investigation into atrocities perpetrated against Ukrainian civilians. This is the most recent wave of sanctions against Putin and his Security Council members, as well as politicians, military leaders, oligarchs, defence businesses and militias.

Russia's actions constitute a flagrant violation of international laws

On Tuesday, New Zealand's Prime Minister Jacinda Ardern sharply condemned Russia's invasion of Ukraine along with Singapore's Prime Minister Lee Hsien Loong, according to AA news. In a joint statement, they stated that Russia's actions constitute a flagrant violation of fundamental norms of international law, risking long-term global instability.

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