The US will urge its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil to pressure President Vladimir Putin to end his war in Ukraine. 

The US will also tell the G-7 countries they should create a legal pathway to seize immobilized sovereign Russian assets and consider seizing or using the principle of those assets to fund Ukraine’s defense, according to a US proposal seen by Bloomberg.

The vast majority of the about $300 billion of Moscow’s immobilized assets are in Europe. Separately, senior US officials have floated with European counterparts the idea of gradually seizing those frozen Russia assets to increase the pressure on Moscow to enter into negotiations.

US President Donald Trump said that his patience with Putin was “running out fast” and mentioned in a Fox News interview that sanctions could also be targeted at banks. Canada, which holds the presidency of the G-7, convened a meeting of the group’s finance ministers to discuss proposals.

Trump has told European officials he’s willing to impose sweeping new tariffs on India and China to push Putin to the negotiating table with Ukraine — but only if the European Union does so as well. Several nations in the EU, including Hungary, have blocked more stringent sanctions targeting Russia’s energy sector.  — Zoltan Simon

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Russia and Belarus began joint military drills, with Europe watching on anxiously days after an unprecedented drone incursion into NATO territory in Poland. While Trump suggested that the drone incident “could have been a mistake,’’ Polish Prime Minister Donald Tusk essentially called that wishful thinking. 

Giorgio Armani’s will directs his heirs to sell an initial stake of 15% in Giorgio Armani SpA to one of three preferred buyers — LVMH Moet Hennessy Louis Vuitton SE, EssilorLuxottica SA or L’Oréal SA — or a company of similar standing within 18 months, according to documents obtained by Bloomberg. That would eventually fold the Italian brand into a larger group after its founder died earlier this month aged 91.

Denmark is picking European defense companies for its largest-ever order of military equipment amid a tense relationship with the US. The government in Copenhagen agreed with opposition parties to order missiles worth 58 billion kroner ($9.1 billion), saying it will choose between systems produced by companies in France, Italy, Norway and Germany.

Fitch Ratings is scheduled to update France’s sovereign credit after a turbulent week in French politics, with investors bracing for a potential downgrade. Former defense minister Sebastien Lecornu took over as France’s prime minister after his predecessor was ousted in a confidence vote, pledging to engage opposition parties in reining in the country’s massive debt burden.

Turkish stocks are on track for their longest weekly losing streak since February, with investors on edge ahead of yet another court battle over the leadership of the country’s main opposition party. The case, scheduled to be heard in Ankara on Monday, is a reminder of the political risks affecting Turkish assets.

Dubai-based developer Binghatti is said to have started preparations for a potential initial public offering, as it seeks to capitalize on the multi-year real estate boom sweeping the emirate. Binghatti is building what’s planned to be one of the world’s tallest residential towers and has announced a Mercedes-branded tower.

Norway’s former Prime Minister Erna Solberg will resign as the head of opposition Conservatives after the party’s worst outcome in general elections in 16 years. Solberg, 64, will step down at a party convention in February. She spent more than two decades at the helm of the Conservatives, including an eight-year stint as premier.

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