The G7 demands the full reopening of the Strait of Hormuz.

On May 19, G7 finance ministers called for the swift and full reopening of the Strait of Hormuz and opposed the imposition of any transit fees on this strategic waterway, amid ongoing conflict in the Middle East that continues to drive up energy prices and increase concerns for the global economy.

Delegates pose for a group photo at the G7 Finance Ministers' meeting in Paris, France, on May 19, 2026. (Photo: Kyodo/VNA)

The statement was made after a meeting of the Finance Ministers of the Group of Seven (G7) leading industrialized nations in Paris on May 18-19. Speaking at the closing press conference, French Finance Minister Roland Lescure said that the G7 countries all wanted the hostilities to end soon and prevent Iran from acquiring nuclear weapons, but that this "cannot come with charging fees in the Strait of Hormuz."

G7 finance ministers have noted that disruptions to shipping through the Strait of Hormuz are driving up energy prices, threatening economic growth and price stability globally. Besides oil and gas, it is also a crucial shipping route for fertilizers, as many countries enter their planting season.

Roland Lescure warned that if the disruption continues, approximately 50 million people worldwide risk food shortages due to a lack of fertilizer supplies. He stated that the possibility of establishing a dedicated "transport corridor" for fertilizers is currently being discussed by various countries.

Regarding Russia, G7 finance ministers affirmed they would continue to exert pressure to prevent Moscow from benefiting from rising oil prices due to the Middle East conflict. According to Roland Lescure, the G7 countries agreed to increase pressure on key sectors of the Russian economy such as energy, finance, and the defense industry.

However, this issue also highlights the differences between the US and Europe. Previously, Washington announced a temporary extension of sanctions on Russian oil stored at sea in an effort to cool down world oil prices. This move did not receive the approval of the European Union (EU).

This G7 meeting also addressed global economic imbalances, with the participation of finance ministers from India, Brazil, South Korea, and Kenya. According to French officials, the discussions were "frank, sometimes difficult," aimed at finding solutions to immediate and long-term economic challenges.

French Economy and Finance Minister Roland Lescure argues that China is currently too dependent on exports, the US is overconsuming, while Europe has not invested adequately. However, the US and Europe remain at odds over the use of tariffs to address the trade imbalance.

In addition to economics, climate issues were also included in the G7's joint statement. According to the Governor of the Central Bank of France, François Villeroy de Galhau, extreme weather events caused more than $200 billion in damage to the global economy last year. The G7 countries committed to strengthening insurance mechanisms to respond more effectively to future climate disasters.

VNA

Source: https://nhandan.vn/g7-yeu-cau-mo-lai-hoan-toan-eo-bien-hormuz-post963419.html