New Zealand bans import of gold from Russia in response to Ukraine invasion

July 5. () –

The Government of New Zealand announced on Tuesday the prohibition of the importation of gold from Russia, within the framework of punitive measures against Moscow for the invasion of Ukraine, which began on February 24 by order of Russian President Vladimir Putin.

“Today’s decision underscores New Zealand’s condemnation of Russia’s blatant violation of Ukraine’s sovereignty,” New Zealand Foreign Minister Nanaia Mahuta said. “It underlines our intention to ensure that New Zealand does not become a safe haven for Russian assets,” she explained.

Thus, he stated that the measure “also supports international efforts to ensure that Russia does not bypass international sanctions by using its immense gold reserves to finance this illegal war.”

Along these lines, the New Zealand Trade Minister, Damien O’Connor, argued that “the Russian financial system has been cut off from international markets” and added that “New Zealand is now moving forward to prevent the Kremlin from resorting to promoting the ruble through its gold assets.

“The Central Bank of Russia has extensive gold reserves, estimated at about 140,000 million dollars (about 138,140 million euros). 20 percent of the reserves of the Central Bank of Russia are in gold. Under the Law on Sanctions against Russia, we make it illegal for New Zealanders to import gold of Russian origin.”

The measure of the New Zealand authorities comes on the heels of the statement published last week after the G7 summit in Germany, in which the need to deal with Russian oil revenues was emphasized. The United States, the United Kingdom, Canada, Japan and Australia have announced a ban on the import of Russian gold.