Minister of Foreign Affairs Nanaia Mahuta and Minister for Trade and Export Growth Damien O’Connor have stated that Aotearoa New Zealand will restrict the import of Russian gold

Minister of Foreign Affairs Nanaia Mahuta and Minister for Trade and Export Growth Damien O’Connor have stated that Aotearoa New Zealand will restrict the import of Russian gold.

The decision made today, according to Nanaia Mahuta, “further signals Aotearoa New Zealand’s rejection of Russia’s brazen violation of Ukraine’s sovereignty.”

It confirms our determination to prevent Aotearoa New Zealand from turning becoming a sanctuary for Russian assets.

Nanaia Mahuta stated that the move “supports international efforts to guarantee that Russia does not avoid international sanctions by using its enormous gold holdings to finance its criminal war.”

“The Russian financial system is no longer connected to global markets. New Zealand is taking action right away to stop the Kremlin from using its gold reserves to prop up the rouble, according to Damien O’Connor.

“The Central Bank of Russia has sizable gold holdings, with a potential market value of up to US$140 billion.

Gold accounts for 20% of the reserves held by the Russian Central Bank. We are making it unlawful for New Zealanders to import gold of a Russian origin under the Russia Sanctions Act, according to Damien O’Connor.

The action taken today comes in response to remarks made last week at the G7 Summit about addressing Russia’s revenue from gold, which is Moscow’s largest export outside of the energy sector.

Russia’s gold imports will not be allowed, according to signals made so far by the United States, the United Kingdom, Canada, and Japan.

Australia has likewise declared that it will prohibit the import of gold.

The regulations, which are currently being finalized in order to implement the import restriction beginning on July 25, will contain further information.