On Thursday 16 April, the Economic and Financial Affairs Ministers of the Group of Seven (G7) countries agreed on the urgent need to “limit the cost to the world economy of a prolongation of the conflict” in the Middle East involving Iran, the United States, and Israel (see EUROPE 13850/11).
“More than ever, coordination among G7 members remains key to addressing the economic and energy impacts of the crisis. G7 members are particularly vigilant about the direct and indirect effects on the most vulnerable States”, they stated on behalf of the European Union, Germany, Canada, the United States, Italy, Japan, and the United Kingdom, in a press release issued by the French Presidency of the G7.
Critical minerals. The supply of critical minerals, a priority for the French Presidency (see EUROPE 13800/21), was also part of the ministerial discussions on Thursday, with a view to the G7 Summit to be held in Evian-les-Bains in mid-June.
“Each participant had the opportunity to share their vision and the best ways to address the issue. Members expressed a strong willingness to continue advancing on this priority ahead of the Leaders’ Summit”, said the French Ministry of the Economy.
G7 support for Ukraine. Finally, the G7 Ministers reaffirmed their support for Ukraine.
“The discussion focused on the implementation of reforms under the IMF program, the imperative to maintain pressure on Russia to prevent the Middle East crisis from benefiting its war effort, and on meeting Ukraine’s energy needs to prepare for the coming winter and actively contribute to the repair of the Chernobyl nuclear power plant’s confinement arch”, stated the French Presidency.
On Thursday, the European Commission indicated that the EU had already disbursed €18 billion as part of the ‘ERA Loans for Ukraine’ from the G7 countries, that will to amount to €45 billion.
“The EU is encouraging the other partners to follow suit quickly”, said a Commission spokesperson, pending the major new €90 billion loan for 2026 and 2027 prepared by the Europeans. This loan has so far been blocked due to Hungary’s opposition (see EUROPE 13825/26). (Original version in French by Bernard Denuit with Mathieu Bion)