The National Party wants a law change that will enable New Zealand to place sanctions on Russia outside of the United Nations' process.
Russian President Vladimir Putin has formally recognised two Russian-backed separatist-controlled regions in Ukraine and has ordered "peace-keepers" to the region.
Prime Minister Jacinda Ardern says New Zealand would look to send a message through a travel ban.
National's Foreign Affairs spokesperson Gerry Brownlee told political reporter Charlie Dreaver New Zealand has no legal power to bring down its own sanctions, instead operating through the UN's approval.
