Media: G7 unlikely to resolve energy crisis amid Iran conflict

Finance, energy, and central bank ministers from the G7 are unlikely to reach a solution to the ongoing energy crisis triggered by the conflict around Iran at their online summit on March 30, according to Politico, citing a diplomat.

Politico notes that the meeting could even conclude without a final statement. The lack of a coordinated European response has forced countries to take emergency national measures, as soaring energy prices continue to impact the continent. European leaders, however, warn that their governments have exhausted options and now look to Brussels for coordinated action.

The European Commission is expected this week to unveil measures including financial support for affected sectors, relaxed state aid rules for fuel subsidies, and compensation for carbon quota costs. 

“EU leaders were crystal clear at the last summit,” one diplomat told Playbook. “We need these measures fast … I would expect them in [the] coming days.”