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New Zealand imposes new sanctions on Russian banks

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New Zealand imposes new sanctions on Russian banks

As a response to Russia’s war in Ukraine, New Zealand placed new sanctions on Russian banks and financial entities on Tuesday.

Foreign Minister Nanaia Mahuta announced sanctions against 18 entities, including Russia’s central bank, sovereign wealth fund, and the country’s top financial institutions, in a statement.

According tp Mahuta, these major institutions make up approximately 80 per cent of Russia’s total banking assets.

In her words, “These sanctions are designed to impose an economic and political cost, specifically targeting organizations 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 Russian President Vladimir Putin and the system financing his illegal invasion.”

New Zealand imposed penalties on Russia last month, including a travel ban on President Vladimir Putin and other senior officials, as well as a 35% levy on Russian goods.

Singapore’s Prime Minister Lee Hsien Loong and New Zealand’s Prime Minister Jacinda Ardern both sharply condemned Russia’s “invasion” of Ukraine and asked that Russian military depart immediately at a meeting on Tuesday.

“Actions by Russia are a flagrant violation of fundamental principles of international law and risk long-term global instability,” they said in a joint statement issued after the meeting in Singapore.

According to UN estimates, at least 2,072 people have been killed and 2,818 injured in Ukraine since the conflict began on February 24, with the true count expected to be far higher.

According to the UN refugee agency, more than 4.9 million Ukrainians have fled to neighboring countries, with over 7 million more internally displaced.

New Zealand imposes new sanctions on Russian banks

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