The new firm will take over rights and obligations of Sakhalin Energy Investment Co, in which the two Japanese companies and Shell hold just under a 50% stake

A source said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil

China and India have been stocking up on Russian oil, but their actions have undermined efforts by the US and Europe to impose sanctions that limit funds to the Kremlin while it wages war in Ukraine

Britain, the United States, Japan and Canada announced a ban on imports of Russian gold, sales of which totalled $15bn last year, at the start of the G7 three-day summit on Sunday

Beijing's imports of liquefied natural gas (LNG) from the US between February and April plummeted 95% from a year ago

Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket Chains.

The move by the Indian Register of Shipping is keeping state-owned Sovcomflot's tanker fleet afloat and ensuring it can continue exports to India of Russian oil

New Delhi's current imports make up more than a quarter of Europe's imports of Russia crude and related products, the report said

The fire started around 4 a.m. (2000 GMT on Friday) and had been brought under control by 9 a.m., Xinhua reported, citing fire officials

The deal sets out how the pipeline crosses the Ussuri river on the China-Russia border. Gazprom recently issued a five-year plan for large-scale work on Far East gasification

"Our refining margins were in the negative, and operations only began to recover slightly from late May with some early signs of easing in lockdowns," a refinery trading manager said

The carbon capture project, situated at CNOOC's Enping Oilfield in the mouth of the Pearl River, will store carbon dioxide emitted during oil extraction