New Zealand will rush through new law to sanction Russia
India Today
New Zealand's government announced that it plans to rush through a new law that will allow the country to impose economic sanctions against Russia over its invasion of Ukraine.
New Zealand's government said Monday it plans to rush through a new law that will allow it to impose economic sanctions against Russia over its invasion of Ukraine.
Unlike many countries that have already introduced sanctions, New Zealand's existing laws don't allow it to apply meaningful measures unless they're part of a broader United Nations effort. Because Russia has U.N. Security Council veto power, that has left New Zealand hamstrung.
Prime Minister Jacinda Ardern said the new legislation would allow it to target people, companies and assets connected to those in Russia associated with the invasion, including oligarchs. It would allow New Zealand to freeze assets and stop superyachts or planes from arriving.
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“A bill of this nature has never been brought before our parliament, but it is essential given Russia's vetoing of sanctions through the U.N.,” Ardern said.
The bill will be specific only to the Ukraine invasion but could allow New Zealand to impose sanctions on countries seen to be helping Russia, such as Belarus.
Ardern said there was currently only a small amount of Russian money invested in New Zealand but that without the new law, that could quickly change if Russian oligarchs began viewing New Zealand as a backdoor to avoid sanctions elsewhere.
