However, Foreign Minister Nanaia Mahuta has held off on freezing the assets of Mr Abramov, fearful of impacting local Kiwis.
Australia signalled its intent to sanction Mr Abramov back in April, but the tycoon responded with legal action, meaning he was only formally listed last month.
Ms Mahuta said her officials had spent six months considering an appropriate move, a question complicated by Mr Abramov's many investments in New Zealand, including property in the far north worth tens of millions of dollars.
News outlet Stuff reports Ms Abramov is also funding an apartment complex in Auckland.
"It has been quite an effort to get full visibility over the full extent of the nature of those interests," Ms Mahuta said.
The result means Mr Abramov has been hit with "tailored" sanctions; a travel ban for him and his family, and a ban on their aircraft and vessels from entering NZ airspace and ports.
"There are a number of business interests that Abramov has. That has an impact on New Zealanders ... and their livelihoods," Ms Mahuta said.
"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."
Greenpeace has campaigned on Ms Mahuta to freeze Mr Abramov's assets.
Another 50 "members of Russia's economic elite" were added to the sanctions list - which now includes more than 1000 individuals and entities.
New Zealand has also added 24 "agents of annexation" to their list for their roles helping Russia run sham referenda in Ukraine.
In other sanctions announced on Tuesday, Export Growth Minister Damien O'Connor said a luxury goods ban means Kiwis will not be able to import Russian vodka and caviar, and Russia will not be able to import NZ wine and seafood.
"Today's additional measures will further reinforce our message to Russia that we will not fund or support the Russian war machine," he said.
Mr O'Connor has extended the 35 per cent import tariff on Russian goods through to 2025, noting that imports had dropped by 75 per cent since April.
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