New Zealand announced on 30 October it is imposing sanctions on 65 additional shadow fleet vessels and seven entities connected to Russia's oil trade, along with two individuals from Belarus, Iran and North Korea involved in refining and transporting Russian oil.
Foreign Minister Winston Peters made the announcement during meetings with Nordic 5 foreign ministers in Stockholm. The sanctions target actors "part of a broader network enabling the trade in Russian oil, undermining global efforts to curtail funding for Russia's illegal war," Peters said in a statement.
The shadow fleet consists of tankers that transport sanctioned cargoes from countries including Iran, Russia and Venezuela while concealing their operations through fake locations, documents and vessel names.
"By targeting the oil supply chain, New Zealand is acting decisively in support of international efforts to bring Russia to the negotiating table," Peters said.
The timing follows Reuters reporting Tuesday that Maritime Mutual, a small insurer based in New Zealand, had facilitated trade worth tens of billions of dollars in Iranian and Russian oil by providing insurance to vessels evading Western sanctions. The coverage enables these ships to enter ports that require proof of insurance.
The sanctions expand New Zealand's measures against Russia's energy sector, specifically targeting the financial mechanisms and transportation networks that allow sanctioned oil to reach global markets.
