Police say they are aware of a person appealing via social media for donations for Russian fighters and are investigating whether an offence has been committed.
Stuff reported Auckland woman Antonina Ovchinnikova was asking for donations to support the Russian army invading Ukraine.
Ovchinnikova confirmed to Stuff that she had raised more than 1.5 million rubles, or about NZD$43,000.
The money would go towards supplies such as flak jackets, gun sights and drones for volunteer Russia soldiers.
The Ministry of Foreign Affairs and Trade has declined to comment.
Under the Russia Sanctions Act it was illegal for New Zealanders to provide services and funds to entities that were sanctioned.
Nearly 20 banks in Russia were on the ministry's Russia Sanctions Register.