Leaders of the Group of Seven major economies agreed to impose more sanctions on Russia over the crisis in Ukraine, where armed pro-Moscow separatists have detained a group of international observers they accuse of being Nato spies.
The leaders of the Group of Seven major economies agreed on Saturday to swiftly impose further sanctions on Russia over the Ukraine crisis, and the United States could unveil its new punitive measures as early as Monday, officials said.
US President Barack Obama and major industrialised allies warned Russia it faced damaging economic sanctions if President Vladimir Putin takes further action to destabilise Ukraine following the seizure of Crimea.
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Some of the world's most powerful finance chiefs will meet in an English stately home on Friday and Saturday to try to speed up banking and finance reforms, with Cyprus' near meltdown fresh in their minds.
Finance ministers of the Group of Seven most industrialised nations urged oil-producing countries on Tuesday to raise output to ensure the market is well supplied, while warning that the West was ready to tap strategic oil rese
Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc's worsening debt crisis.
Brent crude prices rebounded for a second straight session on Tuesday, rising above $99 per barrel on support from a weaker dollar and hopes that the world's leading economies will take new action to tackle the euro zone's debt crisis.
G7 finance chiefs meet today (September 9) under heavy pressure to take action to revive flagging economic growth in rich nations and to calm the biggest confidence crisis in financial markets since the global credit crunch.
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