New Zealand on Tuesday announced new sanctions on Russian banks and financial institutions as a response to Moscow’s war in Ukraine.

Foreign Minister Nanaia Mahuta, in a statement, said her country was imposing sanctions on 18 entities, including Russia’s central bank, sovereign wealth fund and the largest financial institutions.

Ms Mahuta said the major institutions made up approximately 80 per cent of Russia’s total banking assets.

“These sanctions are designed to impose an economic and political cost, specifically targeting organisations that finance the continued invasion of Ukraine,” she stated.

With the latest round of sanctions, New Zealand is joining countries that imposed heavy penalties on President Vladimir Putin and the system financing his “illegal invasion,” she added.

Last month, New Zealand imposed sanctions on Russia, including a travel ban on Mr Putin and other senior officials, while imposing a 35 per cent tariff on Russian imports.

Also, at a meeting on Tuesday, Singapore’s Prime Minister Lee Hsien Loong and New Zealand’s Prime Minister Jacinda Ardern strongly condemned the Russian invasion of Ukraine. They demanded the immediate withdrawal of Russian forces.

According to UN estimates, at least 2,072 civilians have been killed and 2,818 injured in the Ukraine war, which started on February 24, with the actual figure believed to be much higher.

More than 4.9 million Ukrainians have fled to other countries, with over seven million more internally displaced, said the UN refugee agency. 

(dpa/NAN)