"Serious threat" Klingbeil warns of the consequences of the Iran war ahead of the G7 meeting
Ahead of the meeting of the G7 finance ministers, German Finance Minister Lars Klingbeil has warned of the economic consequences of the Iran war and a closure of the Strait of Hormuz. He spoke of a "serious threat to the global economy".
18.05.2026, 00:16
18.05.2026, 09:04
SDA
The war would massively damage economic development, the SPD politician announced before his departure to Paris.
The economic impact of the conflict in the Middle East and the possible consequences for global trade will be the focus of the meeting of finance ministers from the leading Western industrialized nations on Monday. The Strait of Hormuz is one of the most important shipping routes for the global oil and gas trade.
Klingbeil said that everything must therefore be done to "permanently end the war", stabilize the region and ensure free sea routes. "Our path as Europeans remains clear: we are focusing on cooperation instead of confrontation," said the German Federal Minister of Finance.
Klingbeil: We must become more crisis-proof
The current crises also show how important it is "for Germany and Europe to become more independent and crisis-proof" - for example in the areas of raw materials, energy and supply chains. In Paris, talks will therefore also be held with the finance ministers from Brazil, India, South Korea and Kenya.
The "Group of Seven" (G7) is an informal alliance of leading Western industrialized nations. Its members are Germany, France, Great Britain, Italy, Japan, Canada and the USA. France currently holds the G7 presidency.
Ukraine also a topic at the meeting
The meeting, which runs until Tuesday, will also discuss global trade, critical raw materials, developing countries and the fight against terrorist financing and organized crime. Further support for Ukraine is also on the agenda.
Klingbeil warned that Russia's "brutal war of aggression" should not be forgotten despite the crisis in the Middle East. He also wanted to sign a double taxation agreement with his Ukrainian counterpart Sergii Marchenko in Paris: "This strengthens economic exchange and creates legal certainty."
