A ban on imports of Russian diamonds is expected to be agreed to by Group of Seven nations in the next few weeks. The mechanism will consist of a direct ban on purchases, which would take effect on Jan. 1, as well as indirect ban, which would kick in more gradually, a Belgian official said. Russia’s central bank raised its benchmark interest rate for a third straight time, citing inflation risks.

Ukraine’s troops captured the settlement of Andriivka in the Donetsk region, pressing ahead with their advance to the south of Bakhmut, the General Staff said on Facebook. The bulk carrier Puma, sailing under the flag of the Cayman Islands, left the Black Sea port of Odesa early Friday. The major grain-loading facility has been mostly idle since Moscow pulled out of the UN/Turkey-brokered safe-transit agreement in July, and the target of several Russian missile attacks since then.

The UK defense ministry said Wednesday’s missile strike on Russia’s Black Sea Fleet at Sevastopol on the Crimean peninsula did more damage than Russia has admitted. Open-source evidence indicates the landing ship Minsk was been functionally destroyed, while the submarine Rostov-on-Don incurred “catastrophic damage,” the ministry said in an update on X, formerly Twitter. Finland will ban most border crossings by cars with Russian registration plates, falling in line with an EU policy.

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Markets

Brent oil headed for a third weekly gain — and a 10th out of the past 12 weeks — as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia. The global crude benchmark advanced above $94 a barrel, after closing 2% higher on Thursday.

Wheat inched higher, pushing away from multi-month lows, as traders weighed the impact of dry weather on crops in key exporters against bumper harvests in parts of the Northern Hemisphere, including Russia. Ports in Russia loaded wheat for at least six countries in the most recent week.

Coming Up

• Russian Grain Union meeting continues in Sochi
• Belarus leader Lukashenko meets with Putin on Friday
• Bank of Russia meets on interest rates
• Ukraine Defense Contact Group meets on Sept. 19