Published by Global Banking & Finance Review®
Posted on October 29, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleNew Zealand expands sanctions on Russia's oil industry, targeting shadow fleet vessels to disrupt trade and support global peace efforts.
WELLINGTON (Reuters) -New Zealand on Thursday announced expanded sanctions on Russia's oil industry and shadow fleet while meeting with the Nordic 5 foreign ministers in Stockholm.
New Zealand's Foreign Minister Winston Peters said in a statement that New Zealand was sanctioning a further 65 shadow fleet vessels and actors from Belarus, Iran and North Korea involved in refining and transporting Russian oil, and in facilitating oil-related payments.
The so-called shadow fleet is made up of tankers that transport sanctioned cargoes from countries such as Iran, Russia and Venezuela, concealing their trade with fake locations, documents and names.
"These actors are part of a broader network enabling the trade in Russian oil, undermining global efforts to curtail funding for Russia’s illegal war,” Peters said. “By targeting the oil supply chain, New Zealand is acting decisively in support of international efforts to bring Russia to the negotiating table.”
The announcement comes after Reuters first published on Tuesday that Maritime Mutual, a small insurer headquartered in New Zealand, had helped in the trade of tens of billions of dollars of Iranian and Russian oil by providing vessels skirting Western sanctions with the insurance they need to enter ports.
(Reporting by Lucy Craymer; Editing by Daniel Wallis)
The shadow fleet refers to a group of tankers that transport oil from sanctioned countries like Iran and Russia, often using fake documents and locations to conceal their activities.
Refining is the process of converting crude oil into usable products like gasoline, diesel, and other petrochemicals through various chemical processes.
Oil-related payment facilitation involves enabling financial transactions related to the buying and selling of oil, often through banking services or financial instruments.
Insurance in shipping protects against losses or damages that may occur during the transportation of goods, covering risks such as accidents, theft, or environmental hazards.
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