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G7 nations establish international climate club to fight global warming

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 the presidency of the G-7 until the end of the year and then passes it on to Japan. Scholz said the new forum group is not intended to be a G-7 initiative; rather, it is to be a global undertaking. "With the climate club and the socially just transition of our industries toward climate neutrality, we are making an important contribution to achieving global climate targets," the chancellor said. The climate club aims to support the rapid and ambitious implementation of the Paris Agreement, which seeks to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), according to the German government. Monday was the seventh anniversary of accord's adoption. The club will work to help accelerate the industrial ...

Russia offers India help with large ships to overcome oil price cap

Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian Foreign Ministry said in a statement. India's appetite for Russian oil has swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. Novak noted that even amid the energy crisis, Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy

Russia welcomes India's decision to not support G7's price cap on its oil

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

Russian oil price cap evolves from revenue squeeze to market anchor: Report

Russia said the cap would not hurt the financing of its "special military operation" in Ukraine

Russia considers oil price floor in response to cap imposed by G7: Report

Moscow is considering either imposing a fixed price for the nation's barrels, or stipulating maximum discounts to international benchmarks at which they can be sold

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Oil prices rise today after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea

India-G7 JETP stuck over coal, Centre's insistence on own transition plan

RE, tech transfer & green jobs on India's agenda, Germany & the US to co-lead the negotiations

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

EU agrees on $60 per barrel price cap on Russian oil, say reports

Restrictions an attempt to squeeze Kremlin's crude oil revenues

Proposed G7 oil price cap to have little immediate impact on Russia

G7's proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues

Indian refiners wary of buying Russian oil after Dec 5 as EU sanctions loom

The Asian giants, who are two of the world's top three importers, had become Russia's biggest customers after the West shunned Russian oil after the outbreak of war in Ukraine

'Era not of war': G20 declaration uses Modi's words in call for diplomacy

Summit leaders deplore deplored Russia's war in Ukraine 'in the strongest terms'

Leaders of NATO, G7 offer 'full support' to Poland's probe into explosion

The leaders affirmed readiness to hold Russia accountable for its "brazen attacks" on the Ukrainian communities.

Biden calls emergency meeting of G7, NATO leaders after missile hits Poland

President Joe Biden called an "emergency" meeting of G7 and NATO leaders in Indonesia on Wednesday morning for consultations after NATO-ally Poland said a "Russian-made" missile killed two people in the eastern part of its country near the Ukraine border. Biden, who was awakened overnight by staff with the news of the missile explosion, called Polish President Andrzej Duda early on Wednesday to express his "deep condolences" for the loss of lives. The US president promised "full US support for and assistance with Poland's investigation", and "reaffirmed the United States' ironclad commitment to NATO". A statement from the Polish Foreign Ministry identified the missile as being made in Russia. But Poland's president, Duda, was more cautious about its origin, saying that officials did not know for sure who fired it or where it was made. He said it was "most probably" Russian-made, but that is being still verified. If confirmed, it would be the first time since the invasion of Ukraine .

Buying oil from Russia is to India's advantage, says S Jaishankar

Says India's obligation is to ensure consumers get best access on 'most advantageous' terms

G7 ministers seek to expand unity on Ukraine war, China's economic clout

Top diplomats from the world's major industrialized democracies sought on 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 the Group of Seven nations began two days of talks in the historic western German city of Muenster to take stock of the war in Ukraine and keep up economic, military and other support for the country more than eight months after Russia's invasion and as winter approaches. The significance of the venue the same room in which the Treaty of Westphalia ending Europe's bloody 30 Years War was signed in 1648 was not lost on the participants, some of whom commented on the relevance of the principles it enshrined in international diplomacy. US Secretary of State Antony Blinken made reference to the 374-year-old document at an event with German Foreign Minister Annalena Baerbock, saying Russia's actions in Ukraine are a direct attack on the .

G7 ministers meet with Russia-Ukraine conflict, China ties on agenda

Top diplomats from the world's major industrialised democracies grappled with the implications of Russia's war in Ukraine, China's growing economic clout and aims on Taiwan, and Iran's crackdown on anti-government protesters as they opened two days of talks on Thursday. Meeting in the western German city of Muenster, foreign ministers from the Group of Seven nations were taking stock of the situation in Ukraine more than eight months since Russia invaded the country, exacerbating food and energy shortages and creating ripple effects far from Europe. While we are steadfast in our support for Ukraine, we must not forget that the impacts of Russia's aggression, interference and hostility extend across the world," British Foreign Secretary James Cleverly said ahead of the meeting. Russian President Vladimir Putin's actions are plunging the world's poorest further into despair, putting global food security on the brink and pushing up energy prices", he said. "These actions only serve to

G7 foreign ministers set to grapple with Russia-Ukraine war, Chinese clout

Top diplomats from the world's major industrialised 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 Germany this week. Meeting in the western German city of Munster, foreign ministers from the Group of Seven nations Britain, Canada, France, Germany, Italy, Japan and the United States will take stock of the situation in Ukraine nearly a year after they first banded together to warn Russia of massive consequences if it went ahead with plans to invade the former Soviet republic that some believed were exaggerated at the time. Since that warning was delivered two months before the invasion was actually launched the G-7 nations have largely followed through with their vow to punish Russia, although the sanctions have done little to deter Moscow, which has instead escalated its attacks targeting civilian infrastructure, sen