Latest Group of 7 News

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Dec. 04, 2022 10:33 AM EST

FRANKFURT, Germany (AP) — 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. ...

EXPLAINER: Can Ukraine pay for war without wrecking economy?

Dec. 03, 2022 02:26 AM EST

FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper...

EXPLAINER: What's the effect of Russian oil price cap, ban?

Dec. 02, 2022 18:12 PM EST

FRANKFURT, Germany (AP) — Western governments have agreed to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine. The cap is set to take effect Monday, the same day the...

G-7 joins EU on $60-per-barrel price cap on Russian oil

Dec. 02, 2022 18:04 PM EST

WASHINGTON (AP) — The Group of Seven nations and Australia joined the European Union on Friday in adopting a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his...

Group of Seven nations and Australia join EU in setting $60-per-barrel price cap on Russian oil

Dec. 02, 2022 17:44 PM EST
WASHINGTON (AP) — Group of Seven nations and Australia join EU in setting $60-per-barrel price cap on Russian oil.

Biden calls 'emergency' meeting with G7, NATO leaders after Poland says 'Russian-made' missile killed two in country

Nov. 15, 2022 19:41 PM EST
NUSA DUA, Indonesia (AP) — Biden calls 'emergency' meeting with G7, NATO leaders after Poland says 'Russian-made' missile killed two in country.

Insurance fund for climate impacts announced at UN talks

Nov. 14, 2022 11:09 AM EST

SHARM EL-SHEIKH, Egypt (AP) — The Group of Seven leading economies launched a new insurance system Monday to provide swift financial aid when nations are hit by devastating effects of climate change. The so-called Global Shield is backed by the V20, an alliance of climate...

G-7 ministers back Ukraine support, are suspicious of China

Nov. 04, 2022 14:21 PM EDT

MUENSTER, Germany (AP) — Top diplomats from the world’s major industrialized democracies on Friday rallied support for Ukraine in its resistance to Russia’s invasion, expressing “unwavering commitment” to Ukraine's defense, and expressed suspicion of China’s increasing assertiveness...

G7 ministers seek to boost unity on Ukraine, China, Iran

Nov. 03, 2022 12:50 PM EDT

MUENSTER, Germany (AP) — Top diplomats from the world’s major industrialized democracies sought Thursday to expand unified positions on Russia’s war in Ukraine, China’s growing global economic clout and Iran’s crackdown on anti-government protestors. Foreign ministers from...

G7 foreign ministers set to grapple with Ukraine war, China

Nov. 02, 2022 18:33 PM EDT

MUNSTER, Germany (AP) — Top diplomats from the world’s major industrialized democracies will grapple with the implications of Russia’s war in Ukraine, China’s growing economic clout and aims on Taiwan and Iran’s treatment of anti-government protesters when they open two days of talks in...