Russian banks targeted under latest round of sanctions

Foreign Affairs

Foreign Minister Nanaia Mahuta has announced new sanctions against Russia’s largest banks and financial institutions, as part of the Government’s ongoing response to Russia’s invasion of Ukraine.

“Aotearoa New Zealand is imposing sanctions on eighteen financial entities, including Russia’s central bank, sovereign wealth fund and the largest financial institutions in the country. These major institutions make up approximately 80% of Russia’s total banking assets,” Nanaia Mahuta said.

“These sanctions are 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.”

This round of sanctions targets:

  • Three core government financial institutions, including banks and a key investment fund
  • Eight of the largest banks
  • Seven other banks of significance because of links to oligarchs, Russia’s defence sector and annexation of Crimea

“We are deeply concerned at the 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,” Nanaia Mahuta 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% tariff applied to Russian imports to New Zealand.

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.

Further information on sanctions taken under the Russia Sanctions Act 2022 can be found on the MFAT website: www.mfat.govt.nz/Russia-Sanctions