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- The Group of Seven industrialized nations will impose a price restriction on Russian oil, with the goal of undermining the Kremlin’s finances while keeping energy flowing to the West, the Washington Post wrote. The price cap plan aims to reduce the massive energy profits Russia is using to fund its conflict in Ukraine while avoiding price shocks that could devastate the global economy.
- Russian energy giant Gazprom canceled its Saturday deadline and continued its gas cutoff to Europe indefinitely, the New York Post reported. The state-owned energy corporation cited necessary repairs as the reason for its decision on Friday but did not specify when it plans to put the Nord Stream 1 Pipeline, which transports natural gas to Europe via Germany, back online. Meanwhile, a number of European governments hurried this weekend to implement steps aimed at addressing high energy costs and inflation, amid growing concerns that rising prices spurred by the Ukraine crisis could exacerbate societal discontent, the New York Times added.
- A fleet of 13 ships carrying more than 280,000 tons of grain and agricultural products left Odesa’s ports Sunday, the Guardian noted. According to Ukraine’s infrastructure ministry, it was the single largest shipment of such goods to depart Ukraine since the government reached an export agreement with Russia, the UN, and Turkey on July 22.