G7 finance ministers to discuss Iran war, Strait of Hormuz risks

Finance ministers of the Group of Seven (G7) will meet in Paris on Monday, May 18, to discuss the consequences of the war in Iran and the potential blockade of the Strait of Hormuz, a key global route for oil and gas shipments.

The talks, which will continue until May 19, are also expected to cover global trade issues, supplies of critical raw materials, financing for developing countries, as well as measures against the financing of terrorism and organised crime. Support for Ukraine is also on the agenda, according to foreign media.

The G7 brings together Germany, France, the United Kingdom, Italy, Japan, Canada and the United States. The meeting is being held under the French presidency with participation from central bank representatives of member states.

Germany is represented by Finance Minister Lars Klingbeil, who said ahead of the talks that a prolonged war and a possible closure of the Strait of Hormuz pose a “serious threat to the global economy.” He stressed the need for regional stabilisation and freedom of navigation, adding that “as Europeans, our course is clear: we rely on cooperation rather than confrontation.”

Finance ministers from Brazil, India, South Korea and Kenya are also expected to attend the meeting.

By Jeyhun Aghazada