G7 Backs Middle East Peace Efforts, Reaffirms Ukraine Support
G7 finance ministers agreed on the need to limit the impact of the war in the Middle East on the global economy while supporting efforts toward lasting peace. The conflict was one of the main topics of talks in Washington, alongside support for Ukraine and the search for alternative supplies of strategic raw materials beyond China.
G7 representatives warned in particular of the risks associated with rising energy prices and disrupted supply chains.
In this context, they have already moved to release oil reserves to offset supply shortfalls linked to the Strait of Hormuz. At the same time, they stressed the need to ensure the free movement of ships without additional charges.
The G7 also reaffirmed its continued support for Ukraine, including assistance to help it cope with another winter and rebuild its infrastructure. The discussion also addressed the need to maintain pressure on Russia and prevent it from benefiting from the current crisis.