— This is the script of CNBC's news report for China's CCTV on March 25, Tuesday.
Welcome to the CNBC Business Daily.
Western powers are turning up the heat on Russia as Ukraine orders its remaining troops to withdraw from Crimea.
The United States and its allies have warned the Kremlin of economic sanctions, condemning Russia's moves on Crimea as illegal under international law.
G7 nations also agreed to boot Russia out of the G8 but Moscow played down the snub.
[Soundbyte on tape by Russian Foreign Minister Sergei Lavrov] If our Western partners believe the format has exhausted itself, we don't cling to this format. We don't believe it will be a big problem if it doesn't convene.
The Group of 7 countries have also agreed to work towards reducing their dependence on Russian oil and gas and increase energy security.
Li Sixuan, reporting from CNBC's headquarters in Asia.