New Zealand To Toughen Sanctions On Russia
Wellington, March 1: New Zealand is hoping to amend the national legislation on foreign investment next week to amplify sanctions against Russia in retaliation for its actions in Ukraine, New Zealand Prime Minister Jacinda Ardern said on Tuesday. Currently, New Zealand draws on the targeted sanction on Russia’s export and travel restrictions. However, the government intends to tighten its reaction on deployment of Russian troops in Ukraine taking a cue from other countries.
According to Ardern, amendments to the Overseas Investment Act as well as adoption of a new Russia-targeted legislation will enable New Zealand to ensure a “much more comprehensive response” to Moscow’s actions. “We are pursuing new measures to target Russian investment, including measures to target financial institutions in New Zealand, including separate, but Russian targeted, specific legislation,” Ardern was quoted as saying by RNZ radio.
In a speech to New Zealand parliament, Ardern stressed that the government continues to “engage with international partners over the collective action we can all take,” adding that Russia will face “a significant cost” for its actions. Earlier, the US and its European allies introduced sanctions targeting several major Russian banks and high-rank Russian officials, including President Vladimir Putin, as well as ousting Russia from the SWIFT financial system. The sanctions have been joined by various other countries, including Japan and Australia which imposed targeted financial sanctions and travel bans, and are mulling new targeted penalties to freeze assets and restrict travel against Russia’s most influential political and military officials.
