The US is pushing for a complete export ban on Russia: G7 countries are considering a US proposal for a blanket ban on exports to Russia as western nations look to tighten the screws on the Russian economy, the Financial Times reports. EU and Japanese officials have distanced themselves from the idea, with one official telling the salmon-colored paper that “it is simply not do-able.”

Russia responds by seizing assets — and warns of more to come: Russian President Vladimir Putin signed a decree to temporarily take control of the Russia-based assets of two European utility companies, according to Russian news agency TASS. The Kremlin followed this up with a warning that it could take control of additional assets in response to Western sanctions on its economy, according to Reuters.

ON A RELATED NOTE- Russia could start closing its agreement allowing the safe export of Ukrainian grain through the Black Sea as soon as next week, according to a letter sent from Moscow to the UN that was obtained by Reuters. Moscow has signaled that it will not look to extend the agreement brokered by the UN and Turkey last year, saying its own demands to facilitate Russian exports under the pact have not been met.

Not great news for us: The loss of Ukrainian grain to global markets could push up prices, potentially impacting the imports bill for Egypt — the world’s largest importer of wheat — as it continues to grapple with an external financing gap.

AND-Lebanese inflation surges after deval: Lebanon saw its inflation hit 264% y-o-y in March after the country’s first devaluation in 25 years, Bloomberg reports citing official data. Food prices were up more than fourfold compared with a year before, after authorities allowed the currency to weaken by more than 90% against the USD. The price hikes will pile further pressure on Lebanese families, three-quarters of whom are already living in poverty amid a prolonged financial crisis.

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