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The Latest Breaking News from G7

Russia oil price cap comes into force: How will it impact India

NEW DELHI: The Group of Seven (G7) nations, the European Union and Australia imposed a $60 per barrel price cap on Russian seaborne crude oil, with effect from Monday.

The Times of India

India to make Russia its number one oil supplier in move that could scupper impact of price cap

Exclusive: Analysts tell The Independent that India is now expected to overtake EU as largest importer of Russian crude following European ban

The Independent UK

Number of oil tankers waiting at Bosphorus rises by five - Turkish agency

The number of oil tankers waiting in the Black Sea to cross Istanbul's Bosphorus strait on the way to the Mediterranean rose by five to 16 on Thursday, a shipping agency said, amid talks between Western and Turkish officials on steps to resolve the tanker queues there.

Reuters

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Russia-Ukraine war: Putin hints at ‘long’ conflict and says risk of nuclear war is on the rise – as it happened

Russia’s president says he will use ‘all means’ available in war but another mobilisation of troops necessary at this stage

The Guardian - AU

Rishi Sunak and Joe Biden agree energy partnership as US pledges to boost UK gas supply

Washington set to double liquified natural gas exports to Britain

The Independent UK

Putin says Russia could be fighting in Ukraine for a long time

Russian President Vladimir Putin said on Wednesday his army could be fighting in Ukraine for a long time, but he saw no sense in expanding a call-up of 300,000 reservists from September and October after serious Russian battlefield setbacks.

Reuters

Tanker delays across Turkish straits not due to Russia oil price cap - official

Disruptions in tanker traffic from Russia's Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on Tuesday.

Reuters

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Analysis-G7 Russian oil price cap evolves from revenue squeeze to market anchor

When U.S. officials first floated the idea of capping Russian oil export prices in response to a planned European embargo in March, they pledged to squeeze revenues to Russia's war machine, while avoiding a devastating oil price spike.

Reuters

More than Ukraine war to high coal prices as debate over price caps continue

Why price controls might not work when coal supply is so short

Newcastle Herald

Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

Russia claims Ukraine shelling Zaporizhzhia nuclear plant – as it happened

Moscow accuses Ukraine of ‘nuclear terrorism’; Kremlin spokesperson says there is no prospect for negotiations with Kyiv at the moment

The Guardian - AU

Russia-Ukraine war at a glance: what we know on day 286 of the invasion

Four people die in Russian strikes; majority of missiles shot down

The Guardian - AU

Russian oil price cap: Five things you need to know

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move.

Al Jazeera

G7 price cap on Russian oil: How does it work and what is the aim?

The price cap is expected to apply significant financial pressure on Russia.

Evening Standard

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The Independent UK

Oil prices surge as cap on Russian crude comes into force

Russia is preparing response to price cap that will ‘destabilise world energy markets’, Kremlin says

Asharq Al-Awsat

Kremlin Says Western Oil Price Cap Will Not Hinder Military Operation in Ukraine

The Kremlin said on Monday that a Western price cap on Russian oil would destabilize global energy markets but would not affect Moscow's ability to sustain its military operation in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing how it would respond to the move by the G7 and…

France 24

Russian oil price cap and EU embargo come into effect

Starting this Monday, all Russian oil sold on international markets will be subject to a G7 and EU-imposed price cap. The measure is aimed at cutting into Moscow's financing for the war in Ukraine, while maintaining global supply. The bar has been set at $60 a barrel, which Ukraine's president…

Radio France Internationale

G7 Russian oil price cap and EU embargo come into force

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

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France 24

Wave of Russian missiles strike Ukraine, Kremlin says Ukrainian drones hit air bases

Air alerts blared across Ukraine and officials urged civilians to take shelter from a wave of deadly Russian missile strikes that caused major power outages. The strikes followed what the Kremlin said were Ukrainian drone attacks on two air bases deep inside Russian territory. Read our live blog to see…

The Guardian - UK

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - AU

Ukraine says it has shot down 60 of over 70 missiles launched after explosions at two Russian airbases – as it happened

No reports of missile impacts in Kyiv but two killed in Zaporizhzhia and Odesa hit hard after Russian strike follows blasts at Russian airfields

Wales Online

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

The Guardian - AU

Public support in Russia for military campaign ‘falling significantly’, says UK – as it happened

British ministry of defence says it obtained official confidential survey that shows only 25% of Russians want war to go on

France 24

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

The Independent UK

Ukraine war: West’s Russian oil cap ‘weak,’ Zelensky says

The measure is aimed to reduce Russia’s income from selling oil

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