New Zealand is banning all imports of Russian gold, after similar bans by G7 countries and Australia.
Gold bars (File photo) Photo: By Andrzej Barabasz (Chepry) [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons
The ban is expected to take effect from 25 July.
In a statement, Foreign Minister Nanaia Mahuta and Trade and Export Growth Minister Damien O'Connor said the move further signalled New Zealand's condemnation of Russia over its invasion of Ukraine.
Mahuta said it would ensure New Zealand would not become a safe haven for Russian assets, with the ban following sanctions targeting Russia and hundreds of Russian and Belarusian individuals.
"It also supports international efforts to ensure Russia does not circumvent international sanctions by leveraging its immense gold reserves to finance its illegal war," she said.
O'Connor said with Russia cut off from international markets, and with about 20 percent of its central bank reserves held in gold - up to about US$140 billion worth - the move would help prevent the Kremlin from propping up its currency.
After the G7 met in Germany last week, member countries the United States, UK, Canada and Japan all signalled similar bans. Australia has done so too.