G7 finance ministers to discuss Ukraine war, Hormuz Strait crisis at Paris meeting

Finance ministers of the G7 countries will discuss, among other issues, the war in Ukraine, the war in Iran, and the situation surrounding the Strait of Hormuz during their meeting in Paris.

According to Ukrinform, European Commissioner for Economy and Productivity Valdis Dombrovskis announced this, as cited by Sky News.

It is noted that today’s meeting of ministers in the French capital will also be used to reaffirm the need to reopen the Strait of Hormuz as quickly as possible after Iran closed the waterway in response to U.S. and Israeli attacks in February.

According to Reuters, the two-day meeting is taking place amid disagreements among the world’s leading economies and following the summit between U.S. President Donald Trump and Chinese President Xi Jinping, which failed to produce any significant economic agreements.

U.S. Treasury Secretary Scott Bessent, who described the American delegation’s trip to China as “very successful,” said he would urge the G7 to maintain sanctions against Iran’s “war machine.”

The G7 ministers also plan to discuss the economic consequences of the conflict in Iran and instability in global bond markets, which is of particular concern to Japan. They will additionally seek common approaches to addressing economic tensions and global imbalances.

The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Representatives of the European Union also take part in the meetings.

As reported by Ukrinform, the U.S.-Israeli war against Iran, which began on February 28, has already cost companies worldwide at least $25 billion, and the amount continues to rise.

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