New Zealand will be lowering its price cap on Russian oil as part of a new set of sanctions against the Putin regime announced today.
Foreign Minister Winston Peters revealed this morning that New Zealand would lower its cap on Russian crude oil from US$60 per barrel to US$47.60, joining Canada, the EU, and the UK.
The price cap was introduced after Russia launched its illegal invasion of Ukraine in 2022, with the aim of limiting the revenue Russia earned from oil exports, constraining its ability to wage war, while also keeping the energy market stable.
In June, Russia’s “shadow fleet” – ships operated by Russia to avoid policing of sanctions, including the transport of Russian oil above the G7 Plus price cap – were targeted by NZ sanctions.
Peters said today’s move was a “calculated step to curtail crucial oil revenues fuelling Putin’s illegal war of aggression against Ukraine”.
Alongside the oil price cap drop, Peters also said New Zealand had sanctioned Russian actors involved in cyberattacks on Ukraine.
Those sanctioned included Russia’s military intelligence, Unit 29155 of the General Staff Main Intelligence Directorate.
“Russian state actors have been illegally using malware against Ukrainian government networks,” Peters said.
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Today’s sanctions were the 32nd round announced by New Zealand and targeted 19 individuals and 19 vessels.
“We’re sanctioning actors involved in chemical weapons and disinformation, as well as shadow fleet vessels, alternative payment providers, and third-country facilitators in North Korea and Iran,” Peters said.
Since the war broke out, New Zealand has sanctioned more than 1900 individuals, entities, and shipping vessels, alongside a series of trade measures.
In June, New Zealand announced $16 million in additional support for Ukraine, with $4 million going towards military support, $7 million for humanitarian aid, and $1 million for Ukrainians displaced in neighbouring countries.
Today’s sanctions come after an incursion of Russian drones into Poland’s airspace.
