Photo: Kenzo Tribouillard/AFP via Getty Images
He said their priority remains preventing Russia from profiting from war in Ukraine or the Middle East, despite rising oil prices.
To mitigate the impact, the U.S. announced on the opening day of the summit that it was temporarily extending the suspension of sanctions on Russian crude stored offshore.
On the eve of the discussions, European Economic Commissioner Valdis Dombrovskis criticized the US decision. “From the EU’s point of view, we do not believe that now is the time to ease pressure on Russia,” Euronews quoted him as saying. – Russia is benefiting from the war in Iran and rising fossil fuel prices. On the contrary, we should increase the pressure.”
The meeting in Paris was held in a tense atmosphere. “Over the past two days we have had frank, sometimes difficult, direct discussions to find long and short-term solutions to the biggest global economic challenges and thus ensure economic stability,” Roland Lescure emphasized after the meeting with his G7 colleagues, which was also attended by US Treasury Secretary Scott Bessent.
Commitment to “multilateral cooperation”
The situation in the Strait of Hormuz was at the center of the discussions. In a communiqué, G7 members called for an “early return to free and safe transit” through the Strait of Hormuz.
The document reaffirms the G7 countries’ “commitment to multilateral cooperation” to counter the risks hanging over the global economy.
“Economic uncertainty has heightened risks to growth and inflation amid ongoing conflict in the Middle East,” the communiqué said.
It also highlights “pressures on energy, food and fertilizer supply chains, which are hitting the most vulnerable countries particularly hard.”
The G7 finance ministers’ meeting prepares for a summit to be held in Evian in France in June, chaired by President Emmanuel Macron. US President Donald Trump is expected to attend.
Under the French presidency of the summit, the circle of invited participants has been expanded to include countries outside the club. Brazil, India, Kenya and South Korea will join Canada, Germany, France, Italy, Japan, the UK and the US to participate in the discussions.
