G-7 set to back pursuing Russian oil price cap, tariff hikes

G-7 set to back pursuing Russian oil price cap, tariff hikes

ELMAU, Germany (AP) — The Group of Seven economic powers are set to announce an agreement to pursue a price cap on Russian oil, aiming to curb Moscow’s energy revenues, a U.S. official said Monday. The move is part of a joint effort of support for Ukraine that includes raising tariffs on Russian goods and … Read more

G7 launches $600bn infrastructure plan to counter China | News

G7 launches $600bn infrastructure plan to counter China | News

The G7 Partnership for Global Infrastructure and Investment will help finance infrastructure projects in developing nations. The leaders of the Group of Seven (G7) nations have pledged to raise $600bn in private and public funds over five years to finance infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project. US President … Read more

G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders meeting in Germany discuss plans to reduce Russian revenues from oil exports amid a surge in energy prices. Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off … Read more

Russia strikes Kyiv as Western leaders meet in Europe

Russia strikes Kyiv as Western leaders meet in Europe

KYIV, Ukraine (AP) — Russia shattered weeks of relative calm in the Ukrainian capital with long-range missiles fired toward Kyiv early Sunday, an apparent Kremlin show-of-force as Western leaders meet in Europe to strengthen their military and economic support of Ukraine. Kyiv Mayor Vitali Klitschko said the missiles hit at least two residential buildings, and … Read more

Biden urges Western unity on Ukraine amid war fatigue

Biden urges Western unity on Ukraine amid war fatigue

ELMAU, Germany (AP) — President Joe Biden and western allies opened a three-day summit in the Bavarian Alps on Sunday intent on keeping economic fallout from the war in Ukraine from fracturing the global coalition working to punish Russia’s aggression. Britain’s Boris Johnson warned the leaders not to give in to “fatigue” even as Russia … Read more

Thousands of protesters arrive as G7 convenes in Germany | Food News

Thousands of protesters arrive as G7 convenes in Germany | Food News

The agenda of the summit in Munich includes Russia’s war on Ukraine, climate change, energy and a looming food security crisis. About 4,000 protesters gathered in Munich as the Group of Seven (G7) leading economic powers prepared to hold their annual gathering in Germany’s Bavarian Alps. Organisers said they hoped to mobilise up to 20,000 … Read more

Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages

Germany triggers 'alert level' of emergency gas plan, sees high risk of long-term supply shortages

Habeck has previously warned the situation is going to be “really tight in winter” without precautionary measures to prevent a gas supply shortage. Picture Alliance | Picture Alliance | Getty Images Germany has declared it is moving to the so-called “alert level” of its emergency gas plan, as reduced Russian flows exacerbate fears of a … Read more

Europe turns to coal as Russia squeezes gas supplies

Europe turns to coal as Russia squeezes gas supplies

German Economy Minister Robert Habeck has warned that the situation is going to be “really tight in winter” without precautionary measures to prevent a supply shortage. Ina Fassbender | Afp | Getty Images Reduced flows of Russian gas and the specter of a full supply disruption have prompted some European governments to reconsider coal, one … Read more

Russia declares gas war on EU – POLITICO

Russia declares gas war on EU – POLITICO

Press play to listen to this article Russian President Vladimir Putin is playing hardball with the European Union — cutting off gas deliveries to some of Russia’s best customers in a howl of rage at the sanctions imposed after invading Ukraine. It’s putting enormous political pressure on governments, threatens to leave Europeans freezing if this … Read more

Germany turns to coal as Russia throttles gas supplies

Germany turns to coal as Russia throttles gas supplies

Germany plans to compensate for a cut in Russian gas supplies by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions. Bloomberg | Bloomberg | Getty Images Germany has said the deteriorating gas market situation means Europe’s largest economy must limit the use of natural gas for electricity production … Read more