New Zealand and South Korea to Impose New Sanctions on Russia

New Zealand’s government said Monday it would introduce legislation to allow the government to impose sanctions against Russia following its invasion of Ukraine.

Prime Minister Jacinda Ardern said the sanctions would give the country the ability to freeze Russian assets in New Zealand, prevent people and companies from moving their money and assets to the country to escape sanctions imposed by other countries, and stop superyachts, ships, and aircraft from entering New Zealand waters or airspace.

Ardern also released a list of 100 individuals banned from traveling to New Zealand.

“Ultimately if we had a security council that was more functional we would not be facing this issue in the first place,” Ardern said.

Meanwhile, South Korea decided to sever transactions with the central bank in Russia and immobilize any assets held by the bank in the won.

South Korea’s finance ministry said it would release more details, including the scope of further sanctions, which “will be in line with US financial sanctions.”

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