Latest Group of 7 News

Report: Oil price cap takes small slice of Russia's revenue

Jan. 11, 2023 10:22 AM EST

FRANKFURT, Germany (AP) — A price cap and European Union embargo on most Russian oil have cut into Moscow's revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its action in Ukraine because the $60-per-barrel cap was “too lenient," researchers said Wednesday. ...

Drivers are stuck in limbo as world's oil supply reshuffles

Dec. 16, 2022 06:59 AM EST

NEW YORK (AP) — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn't want to pay. She bought groceries from the convenience store instead, planning to buy cheaper gas elsewhere. “The price is so high, people have to...

G7 agrees $15.5B energy deal with Vietnam to cut emissions

Dec. 14, 2022 12:29 PM EST

BERLIN (AP) — A group of nine rich industrialized nations approved a deal to provide Vietnam with $15.5 billion to help the Southeast Asian nation move faster from coal power to renewable energy, cutting its climate-damaging pollution. The Group of Seven major economies, along with...

G7 establishes climate club to fight global warming

Dec. 12, 2022 13:15 PM EST

BERLIN (AP) — The Group of Seven leading economies have created an open, international climate club for countries that want to cooperate in the fight against global warming, German Chancellor Olaf Scholz said Monday after a video conference with other G-7 leaders. Germany holds...

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.