The Latest Breaking News from G7

Liz Truss will urge G7 leaders to remain steadfast in support of Ukraine during crisis talks later.

British Prime Minister Liz Truss on Tuesday will tell other Group of Seven leaders to remain steadfast in their support of Ukraine and request an urgent meeting of NATO leaders, Downing Street said, after Russia stepped up attacks on Ukrainian cities.

Tuesday's virtual meeting of G7 leaders is a chance to re-emphasise opposition to Russia's war in Ukraine, British Prime Minster Liz Truss and Ukrainian President Volodymyr Zelenskiy agreed in a call on Monday.

Leaders of the G7 industrialised democracies will hold crisis talks on the situation on Tuesday.

Prime minister to speak with Zelensky and G7 leaders in emergency call

In the wake of Monday's intense Russian bombardment of targets across Ukraine, French leader Emmanuel Macron has told his Ukrainian counterpart Volodymyr Zelensky of his extreme concern. Macron has promised increased military aid.

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

The world as we know it cannot function without oil, giving oil-producing countries an advantage economists call market power. Nations that produce oil are able to set the price, while countries that rely on oil have little choice but to buy it at prices determined by the seller.

G7 sanctions on Russia will target its oil and products in three phases, senior U.S. treasury official Ben Harris said on Tuesday, as the bloc seeks to limit unintended economic damage while curbing Moscow's funds to wage war in Ukraine.