Overview
- Ministers and central bankers issued a joint communique Tuesday in Paris that urges a swift reopening of the Strait of Hormuz, flags higher risks to growth and inflation from the Middle East war, and reaffirms multilateral cooperation.
- The United States disclosed a new 30‑day extension of a waiver for purchases of Russian seaborne oil, drawing public criticism from EU commissioner Valdis Dombrovskis and spotlighting splits over how to sustain pressure on Moscow.
- The group agreed initial steps to diversify critical mineral supply chains through investment, recycling and sourcing standards to curb reliance on China, and they tasked experts to map AI‑related cyber risks to the financial system.
- Officials highlighted bond‑market turmoil and rising public‑debt strains tied to costlier energy, and France pressed the IMF and World Bank to step up help for countries most exposed to oil, food and fertilizer shocks.
- Participants broadened outreach to Brazil, India, Kenya, South Korea and Gulf states, restated support for Ukraine and sanctions on Russia, and warned that a closed Hormuz—normally carrying about one‑fifth of seaborne oil—keeps fuel prices high for households and businesses.