New Zealand Tightens Grip on Russian Oil Imports

New Zealand has reduced its price cap on Russian crude oil to $47.60 per barrel, aligning with Canada, Britain, and the EU to cut funding for Russia’s actions in Ukraine. Additionally, New Zealand has imposed new sanctions on various Russian entities, targeting figures linked with chemical weapons and disinformation.

In a strategic move on Friday, New Zealand announced a reduction in its price cap on Russian crude oil to $47.60 per barrel from $60. This adjustment aligns with similar measures by Canada, Britain, and the EU, aiming to diminish crucial oil revenues fueling Russia's aggressive military activities in Ukraine, New Zealand's Foreign Minister, Winston Peters, explained.

Further intensifying its stance against Russia, New Zealand introduced a fresh wave of sanctions affecting 19 individuals and entities and 19 vessels. Peters asserted that the sanctions focus on actors involved in chemical weapons, disinformation, and clandestine operations supporting third-country facilitators in North Korea and Iran.

This coordinated global effort highlights the growing international resolve to pressure Russia through economic channels and curb the flow of resources supporting its territorial ambitions.

(With inputs from agencies.)