New Zealand Lowers Russian Oil Price Cap to $47.60

New Zealand has announced it will lower its price cap on Russian crude oil from $60 to $47.60 per barrel, joining Canada, the EU, and the UK in efforts to limit Moscow's oil revenues fueling its war in Ukraine. Foreign Minister Winston Peters described this move as a calculated step to curtail funding for Putin’s illegal war of aggression. Alongside the price cap reduction, New Zealand has imposed its 32nd round of sanctions targeting 19 individuals, entities, and vessels, including Russia’s military intelligence Unit 29155, which has been involved in cyberattacks against Ukrainian government networks. The sanctions also target actors involved in chemical weapons, disinformation campaigns, shadow fleet vessels, alternative payment providers, and facilitators connected to North Korea and Iran. Since the Russia Sanctions Act took effect in March 2022, New Zealand has sanctioned over 1,900 individuals, entities, and vessels and implemented various trade measures. These coordinated international efforts aim to pressure Russia economically and restrict resources supporting its military aggression.