G7 leaders have agreed to step up pressure on Russia, notably via sanctions targeting oil and gas, a French diplomatic source said.

Russia's foreign minister Lavrov said Ukraine's prospective EU membership would be exploited by those seeking to militarize the EU.

The Bank of Japan raised its short-term policy rate 25bp to 1.00% at the conclusion of a two-day meeting on Tuesday, moving from 0.75% on a 7-1 vote. The move, the first hike since December, was framed as addressing inflation risks stemming from the Middle East conflict and lifts the policy rate to a 31-year high. Governor Ueda was hospitalized and absent from the meeting and did not vote.