EU finance ministers urge US to end Iran war
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- EU finance ministers privately urged U.S. Treasury Secretary Scott Bessent to end the Middle East war with Iran, saying the conflict fuels a surge in oil prices that threatens Europe’s growth and food security.
- Roland Lescure (French Finance Minister) chaired the meeting and warned that reopening the Hormuz Strait quickly is essential to resolve the economic side of the geopolitical conflict.
- Lars Klingbeil (German Finance Minister) reiterated the demand for a swift end to the war, a negotiated solution, and for the Strait of Hormuz to stay open.
- Scott Bessent responded by urging his counterparts to step up sanctions against Iran, emphasizing the fight against terrorism, while also announcing a pause on U.S. sanctions on Russian oil exports until mid‑June.
- Valdis Dombrovskis (EU economy commissioner) criticised the sanctions pause on Russian oil, saying “now is not the time to relax sanctions on Russia,” highlighting a split between US and EU policy.
- G7 issued a final statement acknowledging that the Middle East conflict heightens global economic uncertainty, raising risks to growth, inflation, and supply chains for energy, food, and fertilizers, especially for vulnerable countries.
Why it matters: Europe’s economies and households stand to lose from higher oil and food prices unless the Iran‑linked war ends, while the U.S.’s pause on Russian oil sanctions injects billions into the Kremlin and undermines EU’s push for coordinated pressure on Tehran.
