The Latest Breaking News from G7

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…

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

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…

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…

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.

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…

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

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

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