The sanctions on Abramov, co-founder and former chief executive of multinational steel manufacturing and mining company Evraz, come on the heels of deadly Russian missile strikes across at least 14 regions in Ukraine.
Fifty-one oligarchs, including Abramov, have been targeted through the new sanctions, alongside 24 Russian-backed office holders in annexed areas of Ukraine.
There were also new bans on exports and imports of luxury goods like New Zealand wine and seafood and Russian vodka and caviar, as well as products like oil and gas.
Abramov owns a $50 million lodge in Northland's Helena Bay. In March, a Peace Flotilla comprised of yachts, dinghies and kayaks converged on the luxury property to urge one of Russia's wealthiest men to put pressure on President Vladimir Putin to end the war.
Abramov and his family members would be subject to a travel ban, and their aircraft and vessels would be banned from entering New Zealand airspace and ports.
In May, Foreign Affairs Minister Nanaia Mahuta confirmed the Government was considering sanctioning Abramov but had to assess the impact on New Zealanders.
Foreign Minister Nanaia Mahuta, who will address media this afternoon, said "extensive advice" had been taken before the decision to sanction Abramov was made.
"I have factored in his connections to the local economy and the impact that applying full sanctions would have on small businesses and livelihoods connected with his business interests.
"If full sanctions were applied, the disruption felt by New Zealanders is likely to be greater than that felt by Mr Abramov himself, who does not live here and only has a small proportion of his wealth invested in New Zealand.
"The intention of our sanctions is to exert pressure on Russia, not punish innocent New Zealanders. We hope that the considered actions we are taking will encourage Mr Abramov to voice concerns about Russia's war on Ukraine."
