The G20 leaders summit in Australia starting on Saturday is setting up as a showdown between Western leaders and Russian President Vladimir Putin, following fresh reports of Russian troops pouring into eastern Ukraine.
Ukraine's currency lost nearly 5 percent of its value on Monday after a weekend that saw the heaviest shelling in a month hit the main rebel stronghold in the east and signs that Moscow had dispatched troops and tanks to reinforce separatists.
A deepening crisis of confidence in the ruble dominated financial markets action in Europe on Friday, with another 3 percent fall meaning the Russian currency has lost more than a tenth of its value in less than a week.
Ukrainian state energy firm Naftogaz said on Tuesday it had transferred $1.45 billion to Russia's Gazprom, the first tranche of debt repayment required by an agreement that will see Moscow resume gas supplies to its ex-Soviet neighbor.
The euro zone will need another year to reach even a modest level of economic growth, the European Commission said on Tuesday, calling on Germany to help as Chancellor Angela Merkel again rejected a spending spree.
Ukraine, Russia and the European Union signed a deal on Thursday on the resumption of Russian natural gas supplies to Ukraine for winter after several months of delay during the conflict in Ukraine.
Global stock markets were heading for their best week of the year on Friday following reassuring company results, encouraging data from the world's biggest economies and signs the ECB is upping its efforts to lift Europe.
Russia and Ukraine failed to reach an accord on gas supplies for the coming winter in EU-brokered talks on Tuesday but agreed to meet again in Brussels in a week in the hope of ironing out problems over Kiev's ability to pay.
European companies in Russia warned on Tuesday they were being hurt by a Russian embargo on food imports as well as EU sanctions and risked being "sacrificed" in the standoff over Ukraine.
Russian hackers exploited a bug in Microsoft Windows and other software to spy on computers used by NATO, the European Union, Ukraine and companies in the energy and telecommunications sectors, according to cyber intelligence firm iSight Partners.
Female central bankers from Ukraine and its bitter rival Russia took the stage together in Washington on Saturday and described differing fallout from the conflict in eastern Ukraine.
Federal Reserve officials want to tie an interest-rate rise to U.S. economic progress, but the minutes of their last policy meeting show they are struggling with how to come to grips with the dual threats of a stronger dollar and a global slowdown.
Japanese Prime Minister Shinzo Abe will meet Russian President Vladmir Putin on the sidelines of the Asia-Pacific Economic Cooperation forum in Beijing in November, the two leaders decided on Tuesday, a Japanese government official said.
Russia issued a new warning on Monday that it would retaliate if the European Union or Ukraine push ahead with moves to implement a free-trade agreement.
The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier.
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