The Government has announced it will significantly expand its sanctions on Russia and individuals and companies connected to the Russian Government through a first of its kind, targeted, autonomous sanctions regime.

The Government intends for the Russia Sanctions Bill to pass under urgency this week, to provide further, extensive sanctions on Russia in response to the invasion of Ukraine.

'A Bill of this nature has never been brought before our Parliament, but with Russia vetoing UN sanctions we must act ourselves to support Ukraine and our partners in opposition to this invasion,” says Prime Minister Jacinda Ardern.

'When we first responded to Russia's invasion by issuing targeted travel bans, prohibiting exports to the military and suspending bilateral foreign ministry consultations we said no options were off the table.

'Today we take the next step in our response to increase sanctions, in line with the actions of our partners.

ACT Deputy Leader and Foreign Affairs spokesperson Brooke van Velden says the ACT Party will support the Russia Sanctions Bill that will be introduced in Parliament on Wednesday.

"If anything it should happen sooner,” says van Velden.

'The situation in Ukraine is devastating, ACT would support this Bill going through the House tomorrow.

'The Government has been too slow to act. We have seen the Russia Sanctions Bill and support it. We believe action should have been taken last week.

'While we are generally opposed to Parliament using urgency – in this case it is urgent, and it is warranted," says van Velden.

Ardern says the Russian Sanctions Bill is specific to the Russian invasion of Ukraine and will allow new sanctions to be applied as approved by the Foreign Minister.

'Those sanctions can be imposed on people, services, companies, and assets related to those in Russia who are responsible for or associated with the invasion, or that are of economic or strategic relevance to Russia, including oligarchs,” says Ardern.

'A public sanctions register will be set up to list every individual, entity, asset, or service that is sanctioned.”

The travel ban list can be found here

'The sanctions will enable the Government to freeze assets located in New Zealand. Those sanctioned will also be prevented from moving assets to New Zealand or using our financial system as a back door to get around sanctions increasingly imposed by other countries.

Ardern says the sanctions could also apply to trade, and financial institutions as well as stopping the likes of Russian super yachts, ships and aircraft from entering New Zealand waters or airspace.

'The Bill also allows for sanctions to be imposed against other states complicit with Russia's illegal actions, such as Belarus,” says Ardern.

Foreign Minister Nanaia Mahuta says as a small country that is a supporter of the multilateral system to uphold peace and security New Zealand has historically supported sanctions through the United Nations system.

'However with Russia using its veto as a permanent member of the United Nations Security Council to prevent any action, even in the face of overwhelming opposition to Russia's war, New Zealand has decided that a targeted sanctions bill is required to show our condemnation in the strongest possible terms,” says Mahuta.

'New Zealand continues to call on Russia to do what is right and immediately cease military operations in Ukraine and permanently withdraw to avoid a catastrophic loss of innocent life.

'The Government welcomed the feedback from all parties in Parliament in the development of this legislation, and the cross-party support of the Bill allowing it to pass under urgency,” says Mahuta.

The Government continues to seek advice on a full autonomous sanctions regime.

The Government has also provided an initial $2m in humanitarian aid, prioritised visa applications and released some emergency oil stocks to help stabilise shaky oil markets.