Russia Suffer Major Blow Amid Battle With Ukraine

Russia has suffered a major blow amid its ongoing war with Ukraine.

New Zealand on Tuesday announced new sanctions on Russian banks and financial institutions as a response to Moscow’s war in Ukraine.

In a statement, Nanaia Mahuta, Minister of Foreign Affairs of New Zealand, said her country was imposing sanctions on eighteen entities, including Russia’s central bank, sovereign wealth fund and the largest financial institutions in

Mahuta said, “These major institutions make up approximately 80 percent of Russia’s total banking assets.

“These sanctions are designed to impose an economic and political cost, specifically targeting organizations that finance the continued invasion of Ukraine.”

She added, “With this latest round of sanctions, New Zealand is joining countries around the world who have imposed heavy penalties on (Russian) President (Vladimir) Putin and the system financing his illegal invasion.”

In April, New Zealand imposed sanctions on Russia, including a travel ban on President Vladimir Putin, and other senior officials, while also imposing a 35 percent tariff on Russian imports.

At least 2,072 civilians have been killed and 2,818 injured in Ukraine so far in the war, which started on Feb. 24, according to UN estimates, with the true figure believed to be much higher.

More than 4.9 million Ukrainians have fled to other countries, with over 7 million more internally displaced, said the UN refugee agency.