Ukraine Latest: Gazprom Won’t Reopen Pipeline; Oil Price Cap
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Russia’s Gazprom PJSC said its key gas pipeline to Europe won’t reopen as planned, moving the region a step closer to blackouts, rationing and a severe recession. That announcement came hours after the Group of Seven said it plans to implement a price cap for global purchases of Russian oil.
The European Union is preparing to unveil a new $5 billion package of aid for Ukraine, possibly next week. Global food prices tracked by the United Nations fell for a fifth month after hitting records in the spring, helped at the margins by the restart of Ukraine’s grain exports.