Ahead of high-level G7 talks in Paris, Germany has issued a stark warning over the economic fallout of a possible war in Iran, particularly if the strategic Strait of Hormuz faces any disruption.
“The situation poses a serious threat to global economic stability,” said German Vice Chancellor and Finance Minister Lars Klingbeil before departing for the French capital. He emphasized that any military escalation in the Gulf region would severely harm global development and trade flows.
The Strait of Hormuz remains a vital artery for oil and gas shipments worldwide. Klingbeil stressed that all diplomatic efforts must aim to end hostilities permanently, secure free navigation, and bring stability back to the region. “Our European path is clear: we prioritize cooperation over confrontation,” he was quoted as saying by German news agency dpa.
The German minister’s remarks also highlighted the need for Germany and Europe to become “more independent and resilient” in raw materials, energy, and supply chains.
The G7 finance ministers’ meeting, starting Monday, will also include counterparts from Brazil, India, South Korea, and Kenya. Discussions are expected to center on the Middle East crisis, its ripple effects on global trade, and long-term economic vulnerabilities exposed by ongoing regional tensions.
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