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New Zealand has announced a new package of sanctions against Russian banks and financial institutions in response to Moscow’s invasion of Ukraine.

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The new sanctions target 18 Russian financial entities including the central bank, sovereign wealth fund and other key financial institutions.

These include the eight largest Russian banks and seven other banks that are linked to oligarchs, Russia’s defence sector and the annexation of Crimea. 

New Zealand Foreign Minister Nanaia Mahuta said: “These sanctions are designed to impose an economic and political cost, specifically targeting organisations that finance the continued invasion of Ukraine.”

Sberbank, VTB, Alfa-Bank, Bank Otkritie, Credit Bank of Moscow, Gazprombank, GenBank, Novikombank, Sovcombank, SMP Bank, Vnesheconombank and Bank Rossiya are subject to new sanctions from New Zealand.

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Other sanctioned entities include the Black Sea Bank for Development and Reconstruction, Central Bank of the Russian Federation, Industrial Savings Bank, Russia Agricultural Bank, Russian National Commercial Bank and the Russian Direct Investment Fund.

According to the Mahuta, these institutions make up approximately 80% of Russia’s total banking assets. 

The move will see New Zealand join other countries that have imposed unprecedented sanctions on Russia’s banking system to protest Ukraine’s invasion. 

The sanctions announced by New Zealand earlier targeted Russian President Vladimir Putin, his security council, military leaders, politicians, oligarchs, defence firms and militias.  

New Zealand has also imposed a 35% tariff on Russian imports to the country.