New Zealand has imposed sanctions on 18 Russian financial institutions, including Russia's central bank, due to the situation in Ukraine, Minister of Foreign Affairs Nanaiya Mahuta announced on Tuesday.

"This is the latest round of sanctions announced over the past month, which have targeted Putin and members of his Security Council, politicians, military leaders, oligarchs, defense companies and militias, as well as a 35% tariff applied to Russian imports to New Zealand," the statement read.