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New Zealand hits Russian imports with 35% tariffs

New Zealand's hefty trade sanctions could slap more than half a million dollars on incoming Russian goods.

The Government says its 35 percent tariff is 'effectively a ban' on imports from the country led by alleged war criminal Vladimir Putin.

In February, New Zealand imported almost $1.9 million worth of goods from Russia.

Newstalk ZB can reveal if those products had been hit by the tariff, they would have cost an extra $664,000.

Infometrics estimates based on Stats NZ data include vodka, stone and plaster materials, and electric equipment.

Principal economist Brad Olsen said this will change the dynamic for consumers, and if people see a 35 percent mark-up on the shelf, they're going to choose the cheaper option.

He said there'll be a flow-on effect as New Zealand tries to isolate Russia.

"Anyone going into the shop will be a fool to buy something quite so expensive," he said.

"Very quickly, no one's going to want to import Russia products, and that means there's no money going back into the Russian economy."

Credit NewsTalkZB

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