— This is the script of CNBC's news report for China's CCTV on July 31, Thursday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
The G7 criticizing Moscow's unwillingness to backdown over Ukraine, saying it has not changed course.
In a unanimous statement, the group said the Kremlin remains in defiance of international demands.
The G7 also saying the downing of MH17 should have been a "watershed" moment that forced Russia to stop supporting the rebels.
But the group also said it was not too late for Moscow, it it chose to de-escalate, and that they could still remove the latest sanctions if the country chose that path.
While the sanctions are expected to hurt the Russian economy, some say russia still has options to minimize the damage.
[Quincy Krosby / Market Strategist, Prudential Financial] "It's obviously going to affect russia. however your biggest export is oil and one of those things we know about the oil market is that oil gets out. So we think that the Russians will do whatever they can to get that oil out. also to get their other big exports out. In wheat and corn and even some of the commodities. So they will do whatever they can to get that out. "
Meantime, CNBC's Stephane Pedrazzi spoke to the CEO of Peugeot, who raised some of his views about the situation over in Russia.
[Carlos Tavares, CEO, Peugeot] "I would say we would suffer less than our competitors because the good news is that bad news, we have very limited presence in those markets. Therefore, we will not be the most impacted and we are completely focused in reducing the red ink that we have unfortunately created in 2013. So our focus is in the right sizing of the operations, is in the restructuring of the operations. So we'll keep that focus and fortunately i would say, we will not be the most impacted if something bad happens."
And some investors that CNBC spoke to earlier think that these sanctions might open up an opportunity to invest in Russia.
[Larry McDonald, Senior Director, Newedge] "Well i think this will set up for a phenomenal buying opportunity i think you want ot buy fear right now there's not much fear"
[Dennis Gartman, Editor and Publisher, The Gartman Letter] "You can look at vimplecom or something like that but i think the easiest , the best way to do it is exactly that concern, you dont know when a russian corporation is gg to cook its book something fierce, so look at the ETFs, thats the best way to do it."
That wraps up this edition of the Business Daily.
I'm Qian Chen, reporting from CNBC's Asian headquarters.