Ukraine Crisis: Nanaia Mahuta sanctions Russian banks

Russian banks are the target of the next wave of sanctions unveiled by Foreign Minister Nanaia Mahuta today.

Mahuta said she had sanctioned 18 "financial entities" including Russia's central bank, sovereign wealth fund, and the largest financial institutions in Russia.

"These major institutions make up approximately 80 per cent of Russia's total banking assets," Mahuta said.

Mahuta said the sanctions were "designed to impose an economic and political cost, specifically targeting organisations that finance the continued invasion of Ukraine".

"With this latest round of sanctions, New Zealand is joining countries around the world who have imposed heavy penalties on President Putin and the system financing his illegal invasion," she said.

The targets include three "core government financial institutions" including banks and a key investment fund, eight of Russia's largest banks, and seven other banks of significance because of their connection to oligarchs.

Mahuta said the Government was "deeply concerned" at reports of brutality from Russian forces.

"New Zealand continues to condemn Putin's war and supports the International Criminal Court's investigations into the atrocities committed against the citizens of Ukraine," she said.

"This is the latest round of sanctions announced over the past month, which have targeted Putin and members of his Security Council, politicians, military leaders, oligarchs, defence companies and militias, as well as a 35 per cent tariff applied to Russian imports to New Zealand," Mahuta said.

Following the passage of the Russia Sanctions Act, the Government has enacted a number of sanctions against the Russian leadership, 18 entities, including weapons manufacturers and Donbas militia groups, 36 oligarchs, and financial institutions.

The Government has also banned all Russian government aircraft and vessels from New Zealand waters, imposed a 35 per cent tariff on all Russian imports to New Zealand (which will come into force on April 25), and an export ban on industrial products of strategic importance.

The 18 entities designated under the latest round of 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

• VTB