Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia's economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday.

Turkey will resume gas exploration off its coast in the Mediterranean on August 9, the energy ministry said Tuesday.

Chinese investment and trade — and possibly an invitation to the Group of 20 summit in Bali this fall — are on the table in talks Tuesday between visiting Indonesian President Joko Widodo and Chinese leader Xi Jinping.

Widodo arrived in Beijing on Monday night on the first stop of a trip that will take him also to Japan and South Korea later this week.

The European Union reached agreement on Tuesday on how to cut member states' consumption of gas by 15 percent and reduce their dependence on Russian supplies.

Russian state-run giant Gazprom will slash supplies to Europe from Wednesday, threatening economies like Germany's that rely on Moscow's gas for energy and chemical production.   

The business climate in Germany worsened "significantly" in July, according to a key survey published Monday, as an energy crisis pushed Europe's largest economy closer to a recession this year.

German national carrier Lufthansa is braced for further travel upheaval as the country's powerful Verdi union called on ground crew to strike on Wednesday in a row over higher wages.

European and American stocks advanced Monday as markets began a busy week, with the U.S. Federal Reserve poised to lift interest rates again and some of the world's biggest companies scheduled to publish their latest earnings reports.

Asian markets ended lower.

Wall Street stocks were mixed early Monday ahead of a deluge of major corporate earnings reports, a Federal Reserve decision and key economic data this week.

Ukraine and Russia have signed a landmark deal aimed at relieving a global food crisis caused by blocked Black Sea grain deliveries, ending months of negotiations and sending wheat prices tumbling to levels last seen before Moscow's invasion.

The German government will take a roughly 30% stake in energy supplier Uniper as part of a rescue package prompted by surging prices for natural gas and reduced Russian deliveries, the company and Chancellor Olaf Scholz said Friday.

Uniper, which has been Germany's biggest importer of Russian gas used to fuel industry, generate electricity and heat homes, asked for a bailout two weeks ago. German officials quickly pledged that they would help, but thrashing out the details took time. One result will be higher prices for customers.