Russia sanctions law becomes law

The Russia Sanctions Act 2022 (No. 6 of 2022) received Royal Assent on March 11, 2022 and comes into force on March 12, 2022.

Presented urgently to Parliament, the law passed all stages on March 9, 2022.

The Russia Sanctions Act establishes a framework for the implementation of sanctions by New Zealand in response to acts of aggression and other violations of international law by the Russian Federation (Russia), in particular its unlawful invasion of Ukraine and violations of the sovereignty and territorial integrity of Ukraine. .

The law allows for the imposition and enforcement of sanctions against persons or entities responsible for, associated with, or involved in actions undermining the sovereignty or territorial integrity of Ukraine or of economic or strategic interest to Russia.

It prevents people or entities from transferring assets to New Zealand or using the New Zealand financial system to circumvent sanctions that may be imposed by other countries in the future. It also allows New Zealand to freeze assets already located here. The law also allows for the imposition and enforcement of sanctions on designated assets or services (such as business and financial services). Sanctions could also restrict access to New Zealand territory.

The Act makes consequential amendments to a number of Acts, including an amendment to the Tax Administration Act 1994. The Amendment inserts new cl 23A to Schedule 7, pt C to provide for the disclosure by the Commissioner to the Department of Foreign Affairs and Trade or other government agency of information provided or obtained under any law referred to in 31 of the Russian Sanctions Law of 2022 which are necessary or desirable for the purposes of this section.

Source: Russia Sanctions Act 2022, New Zealand Laws website, March 11, 2022, accessed March 11, 2022.

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