Russia's central bank on Friday cut its key interest rate to 16.5 percent and said growth had slowed to almost zero as the economy sags under the cost of the Ukraine offensive and Western sanctions.

Russia's economy "continues to return to a balanced growth path," the bank said in a statement, reversing course from two years of rapid expansion fueled by military spending. It said inflation would remain high for longer than previously expected and GDP growth would be lower.

Prime Minister Mark Carney set a goal for Canada to double its non-U.S. exports in the next decade, saying American tariffs are causing a chill in investment.

Carney, who will release his government's budget on Nov. 4, said Wednesday many of Canada's former strengths — based on close ties to America — have become vulnerabilities.

China's ruling Communist Party said Thursday it will focus on speeding up self-reliance in science and technology, a long-running push that has become more pronounced as the U.S. has imposed increasingly tight controls on its access to semiconductors and other high-tech items.

The announcement by the state media came in a communique after a four-day meeting that approved a draft of the party's next five-year development plan.

The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump's new punitive measures the previous day against the Russian oil industry.

It is a broadened effort to choke off the revenue that funds Moscow's invasion of Ukraine and to force President Vladimir Putin to negotiate an end to the war.

Belgian Prime Minister Bart De Wever insisted on Thursday that his European partners must share the risk of using billions of dollars in frozen Russian assets that are held in his country to help keep Ukraine's economy and war effort afloat in coming years.

Ukraine's budget and military needs for 2026 and 2027 are estimated to total around $153 billion, and the European Union's executive branch has been developing a plan to use Russia's frozen assets as collateral to drum up funds.

Oil prices jumped close to three percent in Asian trade on Thursday after U.S. President Donald Trump slapped sanctions on Russia's two largest oil companies.

West Texas Intermediate was up 2.89 percent at $60.19 while Brent crude jumped 2.86 percent to $64.38.

China said Thursday it "opposes" recent sanctions slapped by the United States on Russia's two largest oil companies over Moscow's war in Ukraine, saying they had "no basis in international law".

At the same press conference, foreign ministry spokesman Guo Jiakun criticized sanctions on Russia agreed Wednesday by the European Union -- whose targets included Chinese companies -- insisting that "China is neither the creator of the Ukraine crisis nor a party to it".

President Donald Trump 's plan to cut record beef prices by importing more meat from Argentina is running into heated opposition from U.S. ranchers who are enjoying some rare profitable years and skepticism from experts who say the president's move probably wouldn't lead to cheaper prices at grocery stores.

Japan's exports grew 4.2% in September, according to government data Wednesday, on robust shipments to Asia that offset a decline in exports to the U.S., which were impacted by President Donald Trump's tariffs.

Inflation in the U.K. unexpectedly held steady in the year to September as higher prices at the pump were offset by lower food costs, official figures showed Wednesday in a development that has bolstered hopes of another interest rate reduction next month.