The new set of rules that will give New Zealand the power to take more action against Russia as it continues its invasion of Ukraine passed parliament on Wednesday night.
All stages of the Russia Sanctions Bill have been rushed through.
The third reading passed just before 10 p.m., with all parties agreeing to the law change.
Prime Minister Jacinda Ardern has previously described the move as “a first of its kind, a targeted, stand-alone sanctions regime”.
This means superyachts and ships can be barred from entering, Russian assets in New Zealand can be frozen and trade sanctions can also apply.
“The sanctions will allow the government to freeze assets located in New Zealand,” Ardern said. “Sanctioned individuals will also be prevented from transferring assets to New Zealand or using our financial system as a back door to circumvent increasingly imposed sanctions by other countries.”
The government has also released a list of 100 people associated with the Russian invasion of Ukraine who are subject to a travel ban. President Vladimir Putin is at the top of the list.
“The bill also allows sanctions to be imposed on other states complicit in Russia’s illegal actions, such as Belarus,” Ardern said.
New Zealand usually goes through the UN system to impose sanctions, but permanent members of the UN Security Council, including Russia, have veto power over resolutions.
Foreign Minister Nanaia Mahuta said that “with Russia using its veto power as a permanent member of the United Nations Security Council to prevent action, even in the face of overwhelming opposition to war from Russia, New Zealand decided that a Targeted Sanctions Bill was needed to show our condemnation in the strongest possible terms”.