These steps are the latest measures aimed at punishing Russia for its invasion of Ukraine.
The New Zealand government said on Monday it would introduce legislation allowing for the first of its kind to impose sanctions on Russia following its invasion of Ukraine.
Prime Minister Jacinda Ardern said the sanctions would give the country the ability to freeze Russian assets in New Zealand, prevent people and businesses from moving their money and assets into the country to avoid sanctions imposed by other countries, and stop superyachts, ships and aircraft from entering the waters. or New Zealand airspace.
Ardern also released a list of 100 people banned from entering New Zealand.
Previously, New Zealand could apply sanctions only when they were imposed by the UN Security Council. The Security Council will not be able to impose sanctions against Russia, since Russia has the right to veto them.
Ardern said the government was forced to introduce new legislation due to limitations in the existing multilateral system.
“Ultimately, if we had a more functional safety board, we wouldn’t have this problem at all,” Ardern said.
Meanwhile, South Korea has decided to sever deals with Russia’s central bank and immobilize any won assets held by the bank in the country’s latest move to join Western efforts to tighten sanctions against Moscow.
South Korea’s finance ministry will release more details, including the scope of further sanctions that “will be in line with U.S. financial sanctions,” later on Monday, a spokesman for the country’s finance ministry said.
The move comes after Seoul previously announced it would ban the export of strategic goods, block some Russian banks from accessing the SWIFT international payment system, and increase aid to Ukraine.
Limited items will include electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aerospace equipment.