An oil storage terminal in Russia. (File photo)
Photo: 123RF
New Zealand has lowered the price cap on Russian crude oil, as part of a new round of sanctions.
It is a move to limit the revenue Russia earns from the sale of oil, with New Zealand joining Canada, the UK, and EU in lowering the cap from $60 USD to $47.60.
Foreign affairs minister Winston Peters said it was a “calculated step to curtail crucial oil revenues fuelling Putin’s illegal war of aggression against Ukraine.”
Peters said the government would also sanction Russian actors involved in cyber-attacks against Ukraine.
“Russian state actors have been illegally using malware against Ukrainian government networks,” Peters said.
It is the 32nd round of sanctions applied since the war began, and will also target what are known as ‘shadow fleet’ vessels.
The vessels are used by Russia to covertly transport crude oil around the world.
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