The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the day's events unfolded. All times are Paris time (GMT+1).
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01:28am: Ukraine, Baltics rebuke Macron for suggesting 'security guarantees' for Russia
French President Emmanuel Macron's suggestion the West should consider Russia's need for security guarantees if Moscow agrees to talks to end the war in Ukraine unleashed a storm of criticism in Kyiv and its Baltic allies over the weekend.
In an interview with French TV station TF1, Macron said that Europe needs to prepare its future security architecture and also think "how to give guarantees to Russia the day it returns to the negotiating table."
Ukrainian President Volodymyr Zelenskiy's top aide, Mykhailo Podolyak, said that it is the world that needs security guarantees from Russia, not the other way around.
"Civilized world needs 'security guarantees' from barbaric intentions of post-Putin Russia," Podolyak said on Twitter on Sunday.
12:08am: G7 price cap on Russian seaborne oil kicks in
The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.
(FRANCE 24 with AFP, AP and Reuters)
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