7 Apr 2022

NZ announces fresh sanctions on Russia

From Morning Report, 6:44 am on 7 April 2022

Fresh sanctions against Russia have been announced overnight, a day after Ukraine's President Volodymyr Zelensky made an impassioned speech to the UN Security Council.

The US is sanctioning top Russian banks and elites, which include President Putin's daughters, the family of the Foreign Minister, and members of Russia's security council.

The UK's also working on freezing assets against major banks, including Sberbank and Credit Bank of Moscow.

It's committed to also banning Russian iron and steel, as well as coal and oil by the end of the year, with gas to follow.

EU ambassadors are meeting to consider a fifth round of sanctions against Moscow - including a ban on imports of Russian coal.

The EU's foreign policy chief Josep Borrell says more has been spent on Russian energy than support Ukraine's war effort.

In NZ the Government has announced a new 35 percent tariff on all imports from Russia, and has expanded bans on exporting to Russia.

It is New Zealand's most significant economic response so far to the Russian invasion of Ukraine.

Trade and Export Growth Minister Damien O'Connor spoke to Susie Ferguson.