New Zealand Prime Minister John Key has asked major companies in the country like Fonterra, New Zealand's biggest dairy exporter, not to take advantage of the gap left by other nation's trade sanctions on Russia. Mr Key said exploiting the sanctions would be a "terrible look" for New Zealand.

The prime minister has joined other world leaders in the G20 summit in Brisbane in confronting Russian President Vladimir Putin over the escalating tensions in Ukraine and the downing of Malaysia Airlines Flight MH17 which killed 298 people, according to the New Zealand Herald.

Mr Key said he spoke to Mr Putin in the G20 meeting over dinner when he was seated beside the Russian leader. He revealed that most of their conversation was about exchanging pleasantries, but he also reminded Mr Putin about the two MH17 victims who were New Zealand citizens.

Mr Key also expressed his deep concern about the situation and conveyed New Zealand's disappointment that blame cannot be directed to one party. He said the country was advised that it was not possible for investigators to crash the site because of the ongoing conflict in Ukraine.

When reporters asked Mr Key about Mr Putin's response, the prime minister said that he "didn't say much." Mr Key revealed that he has instructed government officials to call Fonterra and other companies to ask them not to take advantage of the gap left in the Russian market. He said while the government cannot stop the companies from doing so, he believed that New Zealand companies must act in a responsible manner.

Robb Stevens, Fonterra general manager of trade strategy, has confirmed that the government had asked the company and others in the agricultural export industry to "show restraint" and be responsible amid restrictions imposed on Russia.

Meanwhile, international media had expected the spotlight to be on Mr Putin in the G20 as leader after leader spoke against Russia's actions in Ukraine. Australian Prime Minister Tony Abbott had accused Mr Putin of trying to resurrect the old glory of the former Soviet Union. British Prime Minister David Cameron called Russia's deployment of warships near the Australian coast a show of military aggressiveness and pointed out there was no other world leader in the G20 summit who felt the need for such action.

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