Sanctions against Russia
75 Commons Library Research Briefing, 22 March 2023
In December 2022 further designations were made with respect to countering
disinformation. In line with the US, UK and the EU, New Zealand also
designated three Iranian individuals and Shahed Aviation Industries for their
role in the production and supply of UAV to Russia.
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4.4 Transatlantic Task Force on sanctions (REPO)
In a 26 February Joint Statement, allies agreed to establish a transatlantic
task force to ensure the effective implementation of sanctions. It will identify
and freeze the assets of sanctioned individuals and companies, within
respective jurisdictions. The task force will also work with other Governments
to ensure assets are not hidden in jurisdictions across the world.
The inaugural meeting of the Russian Elites Proxies and Oligarchs (REPO) Task
Force took place on 16 March 2022.
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In a Joint Statement issued on 29 June 2022, the Task Force said that it had
succeeded, so far, in blocking or freezing more than $30 billion of sanctioned
Russians' assets, freezing or seizing sanctioned persons' high-value goods,
and heavily restricting sanctioned Russians' access to the international
financial system. In addition, approximately $300 billion of Russian Central
Bank assets have been "immobilised".
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That statement went on to confirm that allies are "are undertaking efforts to
update or expand and implement their respective legal frameworks that
enable the freezing, seizure, forfeiture and/or disposal of assets, for example
within criminal law" in an effort to better position members to achieve REPO's
objectives. The United States, the EU and Canada have recently brought
forward proposals to enable the seizing of Russian assets and the potential
use of proceeds in the reconstruction of Ukraine.
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New Zealand Ministry of Foreign Affairs and Trade, Latest updates, 14 December 2022
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Joint Statement, 17 March 2022
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US Department of Treasury, Press release, 29 June 2022
12 Relevant links
• Australian Government, Invasion of Ukraine by Russia
• Australian Government, Russia sanctions regime
• Australian Government, Sanctions: Consolidated list
• New Zealand Foreign Affairs and Trade, Russian sanctions
• New Zealand Government, Russia sanctions register
