Sanctions against oligarch on table
WELLINGTON: The Government is considering sanctioning Russian billionaire oligarch Alexander Abramov — who has been linked to Russian leader Vladimir Putin — but has to work through how it will affect New Zealanders, Foreign Minister Nanaia Mahuta says.
Mr Abramov is cofounder and chairman of Russian steel producer Evraz, and has an estimated net worth of over $10 billion, according to Forbes.
He also has close ties to fellow oligarch Roman Abramovich, the recent owner of Chelsea Football Club whose assets have been frozen by the United Kingdom over ‘‘clear links to Putin’’, and who is under sanctions here.
While Mr Abramov has been the target of sanctions worldwide, including from the UK and Australia, he has so far escaped personal attention here despite owning a luxury retreat in Northland’s Helena Bay, worth an estimated $50 million.
New Zealand has so far enacted a vast array of sanctions on Russia and countries aiding and abetting its war on Ukraine — including Belarus. Sanctions are also applied to more than 700 individuals.
Asked yesterday why New Zealand had not yet applied sanctions on Mr Abramov, Ms Mahuta said New Zealand had to make ‘‘our own determinations’’ and assess the full impact of sanctions against him and ‘‘flowthrough impacts on New Zealanders’’.
‘‘That’s why we’re undertaking our own determination in our own way about where to next, with suitable individuals.’’
Stuff reported yesterday those ‘‘unintended consequences’’ already included 420 New Zealanders unable to access their Russian pension payments.
In addition to the Northland mansion, Mr Abramov owns a range of other properties here.
Last year, he majorityfunded the purchase of land in Morningside in Auckland.
An apartment block is now under construction on the land, 39 apartments being built.
That was through a New Zealand registered business, Targa Capital Ltd, which has New Zealand directors but ‘‘is ultimately controlled and receives the majority of its funding from Mr Alexander Abramov of Russia’’, according to the Overseas Investment Office decision.
The purchase price of the land was redacted.
It is unknown if Abramov has a share in the building.
Ms Mahuta said she did not know how long the Government’s ‘‘determinations’’ could take.
It shared information with countries, including Australia and Britain, ‘‘regularly’’, she said.
‘‘I’m not going to discuss the details of specific cases, but I can say there was a regular sharing of information between Australia and New Zealand in particular, around individual services entities and the way in which the sanctions regime has applied in their country and what we may consider.’’
The most recent sanctions targeted Putin’s ‘‘cadre of warmongers’’, including 170 senior politicians. —