New Zealand Hits Russian Oil Trade, Sanctioning ‘Shadow Fleet’ Vessels
STOCKHOLM, SWEDEN—Foreign Minister Winston Peters announced a significant expansion of sanctions targeting Russia’s oil industry and its mechanism for circumventing international restrictions—the so-called “shadow fleet.” The announcement, made during a meeting with Nordic Foreign Ministers in Stockholm, represents the 33rd round of sanctions imposed by New Zealand since the passage of the Russia Sanctions Act in March 2022.
The core of the new measures is the designation of 65 shadow fleet vessels used to ship Russian oil, which Peters described as a “key source of revenue funding Russia’s war of aggression against Ukraine.” These vessels often operate with opaque ownership and employ deceptive practices to conceal the origin of their cargo, undermining global efforts to cap oil revenues.
In addition to targeting the vessels, New Zealand has sanctioned a network of actors from Belarus, Iran, and North Korea who are involved in the wider oil supply chain. This includes individuals and entities engaged in refining, transporting, and facilitating payments related to Russian oil. The focus on these enabling networks highlights New Zealand’s commitment to disrupting the flow of funds supporting the conflict.
Foreign Minister Peters emphasized that these sanctions are a decisive step “in support of international efforts to bring Russia to the negotiating table.” The action also comes shortly after reports surfaced detailing how a New Zealand-headquartered insurer had allegedly provided coverage for tankers involved in the sanctioned Russian and Iranian oil trade, underlining the complexity of global sanctions enforcement.
Since 2022, New Zealand has now imposed sanctions on over 1,900 individuals, entities, and vessels, alongside substantial trade measures, demonstrating its ongoing commitment to international action against Russia.
