Dairy exporter Fonterra has suspended shipments to Russia.
New Zealand's biggest business and the world's largest dairy exporter sells a small amount of product to Russia, mainly butter, totalling about 1 per cent of its annual exports.
Simon Tucker, director global stakeholder affairs at Fonterra, said shipments were on hold as Russia's invasion of Ukraine continues.
"While food, including dairy, is generally exempt from international sanctions regimes and can be traded, we have suspended shipments of product to Russia while we continue to monitor developments.
"The situation is rapidly changing with new economic sanctions and other actions being taken against Russia and we are monitoring these developments.
"Our people's safety is our top priority. We have seven people based in Moscow with Fonterra Russia and about 35 people based in Saint Petersburg with Fonterra's joint venture Unifood.
"Both entities continue to operate at this time, however we are keeping an eye on the situation and will take actions as required. The businesses do not supply sanctioned individuals or entities, including Russian military or security forces."
New Zealand's total exports to Russia are valued at around $330 million and include meat, wine and apples.
Meanwhile, container shipping giant Maersk said it had suspended calls to Ukraine ports and was working with New Zealand customers who may be affected.
The Russian-Ukraine conflict had no impact on Maersk's Ocean network, said My Therese Blank, head of the company's Oceania export market, regional ocean management.
"The safety and wellbeing of our employees is of paramount importance for A.P. Moller – Maersk - we have decided temporarily cease calling ports in Ukraine and stop acceptance of orders to and from Ukraine up until further notice.
"The booking stop also impacts New Zealand importers and exports with cargo to/from Ukraine. We are offering our customers more flexible terms and are working closely with New Zealand importers and exporters to manage booking amendments and change of destination requests to minimize the impact on their supply chains."
Dairy industry organisation DCANZ said it was monitoring the evolving situation in eastern Europe, including to understand the implications and requirements associated with the newly announced sanctions and other government measures.
"For humanitarian reasons food is generally exempt from international sanctions regimes. It is too soon to have a clear picture of what the broader implications on market dynamics might be," executive director Kimberly Crewther said.
Meat Industry Association chief executive Sirma Karapeeva said Russia was a small market for New Zealand's $9 billion meat export sector.
The conflict would not have a material impact on meat exports, she said.