Foreign minister announced that New Zealand has imposed new sanctions against Russian institutions.

These include financial entities, and the country’s central bank.

Mahuta stated that these sanctions target 18 financial organizations that funded Russia, and make up about 80% of Russia’s total banking assets.

“These sanctions are designed to impose an economic and political cost,” he said.

Further adding, “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.”

The sanctioned organizations include, 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.

Previously, New Zealand has imposed sanctions on various prominent entities of Russia.

It indulges, President Putin, members of security council, politicians, and military leaders.