The G7 leaders on Tuesday wrapped up their Ukraine-heavy summit by saying they would look into capping the price of Russian oil, but stopped short of a full agreement on new sanctions.
An American-led push to squeeze the Kremlin's oil revenue resulted in only a tentative agreement that the idea would be explored further after the three-day summit in Germany.
A proposal by French President Emmanuel Macron to widen the price cap beyond Russia, to ease the pain for consumers of soaring energy prices, has also been parked for further discussions.
Summit host Chancellor Olaf Scholz of Germany nonetheless said the club of rich democracies would continue to "drive up the economic and political costs" of the conflict in Ukraine that overshadowed the talks in the Bavarian Alps.
The summit played out against the backdrop of rocket strikes on Kyiv and a deadly explosion at a shopping centre in Kremenchuck condemned as an "abominable attack" by the G7 leaders. President Volodymyr Zelenskyy told them to put Ukraine in a winning position by winter.
Leaders promised to maintain support for Ukraine and Mr Macron said he hoped the war could be over this year, but said more work was needed on a price cap before sanctions can be tightened further.
The idea of a price cap is that western powers would throw their economic weight around to stop Russian oil from sailing the world if it is being sold for too high a price.
Tankers with cargoes that flout the price cap would be denied shipping insurance and other services - preventing Moscow from having the last laugh if it can sell its reduced oil exports at runaway prices.
Mr Macron said leaders could not "push a button" and make this happen overnight and said a "coalition of buyers" going further than the G7 - which consists of the US, Canada, Britain, France, Germany, Italy and Japan, plus the European Union - was needed to implement it.
“At leaders’ level, there is an agreement to look into this and to try to make it work. Then we will see what’s feasible,” said an official close to the talks.
Jake Sullivan, the national security adviser to US President Joe Biden, said discussions had begun with India - one of the countries which attended the G7 summit as a guest - on how a price cap would work.
Mr Biden's Treasury Secretary Janet Yellen said it was a "significant step" that G7 leaders had agreed to explore the idea and said Washington would "work expeditiously... to advance this effort".
The 28-page text adopted by leaders after three days of negotiations said the objective was to cut Russian revenue and that, even aside from the war in Ukraine, high energy prices "threaten our shared prosperity".
"We welcome the decision of the European Union to explore with international partners ways to curb rising energy prices, including the feasibility of introducing temporary import price caps where appropriate," it said.
"As for oil, we will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners."
Leaders also discussed the possibility of limiting prices on gas, which is mainly transported from Russia by pipeline — meaning western countries would simply name their price.
An EU said it was “two different stories” with oil and gas, because Europe has made more progress in banning oil and it largely arrives by sea rather than pipeline. The question of how the Kremlin would react to any price cap has also been raised in discussions.
Any EU price cap on oil would involve reopening talks on sanctions that only recently concluded, after weeks fractious negotiations with Hungary and other landlocked countries.
However, officials believe that only technical adjustments to a sanctions package would be needed and say the principle of aiming at oil shipments, as opposed to pipelines, had already been agreed upon.
The aim of the sanctions is to curb one of Russia's most lucrative sources of revenue and free European countries from the awkward position of paying Moscow for energy while condemning it over the war.
However, the G7 leaders have struggling voters to think about and there are concerns over whether sanctions will last when winter bites.
After three days of talks in which western leaders sought to show leadership amid geopolitical, energy, food and climate crises, the wealthy countries promised to put $4.5 billion of new funding towards tackling global hunger.
They endorsed the principle of an international “climate club” backed by German Chancellor Olaf Scholz, the host of the Alpine summit, but disappointed activists by including loopholes in their language on fossil fuels.
Mr Scholz said the three key messages from the summit were “full support for Ukraine, the joint fight against global famine and more ambition in climate protection”.
The leaders said in a separate declaration on Ukraine that they would support the country for "as long as it takes".
"There is only one way out: for Putin to accept that his plans in Ukraine will not succeed," said summit host Chancellor Olaf Scholz of Germany.
But Mr Macron wants to bring oil prices down and had floated the idea of applying the price cap to countries other than Russia.
"We all have a situation on our countries which is unacceptable," said Mr Macron, who described the cost of living crisis as unsustainable because of the money needed to ease pressure on consumers.
He suggested high prices could lead to instability and social unrest - a problem well known to Mr Macron after discontent over fuel costs mushroomed into the broad "yellow vest" protests against his government in 2018 and 2019.
Leaders said in the statement that they encouraged oil exporters to increase production to "decrease the tension in energy markets".
From the summit venue in Germany, Mr Macron spoke on Monday to UAE President Sheikh Mohamed bin Zayed.
Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, was quoted by state news agency Wam as saying: "The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline, which the UAE is committed to until the end of the agreement."
Killing of Qassem Suleimani
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Killing of Qassem Suleimani
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The five pillars of Islam
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The%20specs
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Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More on Quran memorisation:
Mohammed bin Zayed Majlis
Mrs%20Chatterjee%20Vs%20Norway
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Read more about the coronavirus
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
KILLING OF QASSEM SULEIMANI
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Racecard
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
The National selections
6.30pm: Chaddad
7.05pm: Down On Da Bayou
7.40pm: Mass Media
8.15pm: Rafal
8.50pm: Yulong Warrior
9.25pm: Chiefdom
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
KLOPP%20AT%20LIVERPOOL
%3Cp%3EYears%3A%20October%202015%20-%20June%202024%3Cbr%3ETotal%20games%3A%20491%3Cbr%3EWin%20percentage%3A%2060.9%25%3Cbr%3EMajor%20trophies%3A%206%20(Premier%20League%20x%201%2C%20Champions%20League%20x%201%2C%20FA%20Cup%20x%201%2C%20League%20Cup%20x%202%2C%20Fifa%20Club%20World%20Cup%20x1)%3C%2Fp%3E%0A
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
More from Rashmee Roshan Lall
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
