New Zealand will move this week to legislate a sanctions regime which targets Russian elites, including movement of their finances and super yachts.
Jacinda Ardern's government was quick to condemn Russia's military attack on Ukraine, but has been slow to levy sanctions on Russian leaders and oligarchs for their role in the invasion.
That's because New Zealand law requires United Nations sign-off for the application of broad-scale sanctions.
Russia has vetoed condemnation of its own actions at the UN Security Council, leaving New Zealand needing to find a legislative workaround if it's to join the international action against Moscow.
Ms Ardern said the law would go before cabinet on Monday with a view to becoming law as soon as Tuesday.
"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," Ms Ardern said.
"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."
"We've already talked to other parties because we want to make sure that we can move very quickly within the house to see it bought into effect."
The government has also published a list of more than 100 individuals it has banned from travelling through New Zealand, headed by president Vladimir Putin.
Ms Ardern said the sanctions would freeze Russian assets in New Zealand, and prevent assets being moved through the financial system.
"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," she said.
New Zealand has not joined with other European nations and Australia in supplying lethal aid to Ukraine, focusing on funding the humanitarian response.
To date, it has provided $NZ2 million ($A1.86 million) in aid.
Ms Ardern said she would also look at ways to support displaced Ukrainians through Europe.
