There was no other way to make debt and foreign trade settlements, according to the regulator The Central Bank of Russia (CBR) explained on Friday why half of the country’s foreign currency reserves were being held abroad, which enabled their seizure by Western governments.

Brussels hopes the measure could help bring energy costs down as the region prepares for a tough winter The EU needs a price ceiling on imports of Russian pipeline gas, European Commission President Ursula von der Leyen announced on Friday, according to Reuters.

The finance ministers of the Group of Seven influential nations announced on Friday their intention to ban maritime services transporting Russian oil if its price is not approved by ‘international partners.’