Shippingtelegraph: New Zealand Gov targets 100 ‘shadow fleet’ ships with new sanctions

The government of New Zealand has once again expanded its sanctions against Russia, adding 23 individuals, 13 companies and 100 vessels to its sanctions list, and lowering the price cap on Russian oil to $44.10 per barrel, in line with the level previously set by the European Union.

New Zealand’s ministry of foreign affairs provided Russian sanctions update which includes the designation of twenty-three individuals, thirteen entities and 100 vessels, while it lowered the oil price cap for crude oil of Russian origin from $47.60 to $44.10.

The price cap adjustment aligns with similar measures taken by European Union, reflecting ongoing international efforts to limit Moscow’s revenue from oil exports.

As part of New Zealand’s efforts to limit Russia’s revenues, from 4 November 2022, New Zealand has imposed an import ban on coal, oil and gas products of Russian origin.

From 14 April 2024, New Zealand has also prohibited services supporting the maritime transport of Russian origin oil to any third country, unless the oil was purchased at or below a specified price.

The Russian oil price cap is an economic sanctions tool, which has been implemented by a group of countries including the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States), the European Union, Australia, and New Zealand. The price cap establishes a framework for Russian seaborne crude oil and petroleum products to be exported to third countries at a rate at or below the capped price.  

Importing Russian origin oil into New Zealand continues to be prohibited (based on the sanctions implemented in November 2022) and is not affected by the oil price cap measures.

In addition, from 14 April 2024, New Zealand persons must not provide certain services in relation to maritime transport of Russian origin oil and oil products. This applies even where there is no sanctioned person or business involved.

There are four types of services that are prohibited in relation to maritime transport of Russian origin oil – brokering, financing, financial assistance and insurance.

Countries that implement the oil price cap may from time to time adjust the cap rates. The price cap rate for crude oil of Russian origin has been adjusted twice since New Zealand implemented the price cap rate. New Zealand implemented the latest rate on February 20, 2026.

However, the European Union confirmed – earlier this month – that it plans to dump the oil price cap and replace it with a full ban on maritime services for Russian crude oil.

In practice, under such a transport ban, a European coalition of countries would ban any tanker carrying Russian oil from entering European ports and using European services, either permanently or at least for as long as the ban is in place.

The European Union proposed new sanctions that would replace a price cap on Russian oil with a full ban on maritime services.

This would mean that European firms could no longer provide insurance, shipping, or transport services for Russian oil cargoes at any price.

All EU member states have to approve the package before it goes into effect. In a statement, Commission president Ursula von der Leyen called all member states to “swiftly endorse these new sanctions.”