Speaking after a Cabinet meeting this afternoon, Prime Minister Jacinda Ardern confirmed the new Russia Sanctions Bill would be able to target those associated with the invasion, including people, services, companies and assets.
It would prevent people and companies moving their money and assets - including superyachts, ships and aircraft - into New Zealand, and would extend to Russian oligarchs and other countries which support Russia, like Belarus.
Sanctions could apply to trade, financial institutions and territory, and while it would be specific to the Russian invasion it would also allow sanctions to be imposed against states considered complicit in Russia's acts, Ardern said.
This would be done via a public sanctions register, listing every individual, entity, asset or service being sanctioned.
The bill gives seven ministers power to act - the prime minister, the deputy prime minister, the minister of foreign affairs, the minister for trade and export growth, the attorney-general, the minister responsible for the GCSB and NZSIS, and the minister for justice and immigration.
Ardern said they would convene as soon as possible to sign off the first tranche of sanctions as soon as the bill was passed.
It would focus on expanding travel bans, immediate asset freezes and sanctions on Russian banks.
A second tranche would be focused on a more forensic analysis of Russian investment in New Zealand, with ties to the invasion.
Ardern said it was the first time a bill of this nature had been before the New Zealand Parliament.
"But with Russia vetoing UN sanctions we must act ourselves to support Ukraine and our partners in opposition to this invasion," she said.
"This bill will be specific and targeted to those funding and supporting war. It will not be blanket sanctions on any Russian person or Russian operation in New Zealand."
Ardern said the bill would be introduced on Wednesday, with hopes of passing through all stages by the end of the day.
The effects were expected to begin within a week, she said.
Minister of Foreign Affairs Nanaia Mahuta said New Zealand had decided autonomous sanctions were required to show the strength of New Zealand's condemnation of Russia.
The government welcomed the feedback of all the parties in Parliament in developing the legislation, and cross-party support would allow it to pass under urgency, Mahuta said.
The government would continue seeking advice on a more general autonomous sanctions regime, she said.
The government's media release also included a list of more than 100 individuals who would be affected by the government's travel bans.
Ardern said Russia's invasion of Ukraine 11 days ago was an unjustified and flagrant breach of international law, condemned by New Zealand along with other countries around the world.
Despite international condemnation, Russia's assault continued "and so must our pressure".
Ardern told Morning Report today decisions being considered would include a new law allowing the government to lodge autonomous sanctions in response to the Russian invasion of Ukraine.
New Zealand has taken some steps to punish the Russian aggression, but usually follows the UN on sanctions - and Russia's veto power at the UN security council means that's not an option.
Ardern this morning said the bill being considered would be specific to the Russian invasion of Ukraine, would allow targeting of Russian oligarchs and include possible measures against Russian-linked states like Belarus.
She was quick to note those measures meant it would not too closely resemble one put forward by National's Foreign Affairs Spokesperson Gerry Brownlee, and would allow the government to take its time in considering whether to bring in a more general autonomous sanctions regime.
Meanwhile, National's leader Christopher Luxon has been pushing his policy of scrapping all Labour's new taxes after his state of the nation speech at the weekend.