A China institute that advises the nation's top leaders says Western sanctions will end up hurting the US and Europe more than Russia itself.

Oil prices surged on Tuesday over concerns about potential supply disruptions after Russia's invasion of Ukraine and related sanctions despite talk of a coordinated global crude stocks release

The summit is likely to be virtual rather than in person, an EU official said.

"This year, the pressure on foreign trade will be huge and the situation will be very severe," Commerce Minister Wang Wentao warned

China's GNI jumped 20% in nominal terms to $12,438 per capita against the World Bank's threshold of $12,695 for a high-income nation

If global warming exceeds 1.5 degrees Celsius above pre-industrial times, the impact of climate change could become more severe, the report said

SWIFT will lose its credibility and influence and gradually decline in importance if it’s used as a sanctions tool, Xinhua says, while the digital yuan has a big future, another outlet said

Oil, grains rise; Palladium prices surge, gold climbs; Aluminium at record-high; Nickel up on Russian supply worries; Fears of food inflation as wheat, corn, edible oil prices rally

Oil giant BP says it will exit its Rosneft stake worth $25 billion. Meanwhile, leases on over half the 980 jets in Russia may be severed by foreign firms because of sanctions.

The G7 richest democracies proposed the Build Back Better World (B3W) initiative in June to help developing countries meet infrastructure needs, as they sought to counter China's growing influence

China boosted purchases for its oil reserves even as oil prices soared, despite US calls for a coordinated release of stocks to cool the market

The Japanese market for the technology is forecast to expand to about 700 billion yen ($6 billion) in 2030, the report added, citing PwC Consulting