The Latest Breaking News from G7

Britain will urge G7 nations on Tuesday to ban Russian ships from their ports, agree a timetable to phase out oil and gas imports from Russia, and further tighten sanctions on banks and key industries.

UK foreign secretary reveals Moscow now cannot access 60% of foreign currency reserves

Japanese Prime Minister Fumio Kishida's announcement on Thursday that he would not abandon a massive Russian gas project was decided weeks ago when he told top officials in private he wouldn't risk Japan's energy security, three sources said.

WASHINGTON: The Biden administration is weighing a plan to release roughly a million barrels of oil a day from US reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.

Germany will continue to pay for Russian gas in euros or dollars, a government spokesman said, adding that Russian President Vladimir Putin had told the German chancellor nothing would change for European partners despite his plan for rouble payments.

Britain is focused on helping protect Ukrainians from the war and is not aiming to remove Russian President Vladimir Putin, Prime Minister Boris Johnson said on Wednesday.

Currently Russia supplies about 40 per cent of Europe’s gas needs.

The leaders of Germany, the United States, France, Britain and Italy agreed in a phone call on Tuesday afternoon to keep pushing Russia for a ceasefire and for the withdrawal of its troops from Ukraine, a German government spokesman said.

Russia is demanding payment in rubles for its natural gas exports to Europe