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G7 Finance Leaders Ready to Act to Mitigate Iran War Fallout, Lescure Says
Roland Lescure said the Group of Seven is ready to act, after the International Energy Agency released a record amount of oil from reserves last month.
- French Finance Minister Roland Lescure said Thursday that the Strait of Hormuz must reopen "but not at any price," as G7 leaders gathered in Washington to address economic fallout from the Middle East war.
- The Middle East war erupted after US-Israeli strikes targeting Iran on February 28, prompting Tehran to virtually block the Strait of Hormuz, a key waterway for global energy transit.
- Bank of France Governor Francois Villeroy de Galhau added Thursday that central banks will act "without hesitation" to mitigate the war's economic impact, while G7 leaders also vowed to support Ukraine's energy infrastructure.
- Treasury Secretary Scott Bessent announced Wednesday that Washington will not renew a 30-day temporary waiver on Russian oil sales, preventing Russia from benefiting from regional instability.
- On Friday, French President Emmanuel Macron will host UK Prime Minister Keir Starmer in Paris to discuss navigation through the Strait, while G7 members monitor risks before meeting again in a month.
40 Articles
40 Articles
Hormuz must open, G7 ready to mitigate war fallout: France FM
French Finance Minister Roland Lescure told reporters Thursday that the Strait of Hormuz needs to reopen "but not at any price," adding that G7 leaders stand ready to mitigate the war's economic fallout. Finance ministers and central bank governors from the Group of Seven advanced economies added in a statement released Thursday that "it is urgent to limit" the global economic cost of an enduring conflict in the Middle East. "G7 members reaffirm…
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France finance minister says Hormuz must open, G7 ready to mitigate war fallout
French Finance Minister Roland Lescure told reporters Thursday that the Strait of Hormuz needs to reopen "but not at any price," adding that G7 leaders stand ready to mitigate the war's economic fallout.
From Washington, where he held the meetings of the G7, the G20 and the IMF, the Minister of Economy, accompanied by the Governor of the Bank of France, repeated that Paris refused to pay to cross the Strait of Ormuz.
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