Ukraine war live updates: Russia cannot swallow the West whole, Orban says; G7 finance chiefs meet with Ukraine on agenda

This is CNBC's live blog tracking developments on the war in Ukraine. See below for the latest updates. 

Finance ministers of G7 countries are meeting in Italy this week with Ukraine high on the agenda. Some have floated the possibility of G7 states helping Kyiv with as much as $50 billion in loans funded by frozen Russian assets, a controversial idea that has not yet received full approval from the Western community.

France tested a nuclear-capable missile on Thursday, a day after Russia announced nuclear drills, with the move by Moscow seen as a response to French President Emmanuel Macron's previous assertion that he would not rule out sending French troops into Ukraine.

Hungarian Prime Minister Viktor Orban, known to be a friend to President Vladimir Putin and a vocal critic of Ukrainian President Volodymyr Zelenskyy, cast doubt on some Western leaders' warnings that Putin would invade more of Europe if he succeeded in Ukraine.

"I do not consider it logical that Russia, which cannot even defeat Ukraine, would all of a sudden come and swallow the Western world as a whole," he said in a radio interview, according to Reuters.

Romania's Ministry of Foreign Affairs on Friday said it has declared the diplomat of the Russian embassy to Bucharest persona non grata, citing "activities that contravene the provisions of the Vienna Convention on Diplomatic Relations of 1961," according to a CNBC translation.

Diplomats labeled persona non grata are usually recalled to their home nation.

The Romanian ministry said it communicated its decision to the Russian state. Moscow will respond to the measure, the Russian Ministry of Foreign Affairs told Russian state news agency Tass, according to a Google translation.

— Ruxandra Iordache