German Finance Minister Urges G7 to Keep Ukraine in Focus

German Finance Minister Lars Klingbeil has described the G7 as a key forum for seeking solutions to the conflict with Iran, which he warned posed a serious threat to the world economy. Concerns are focused in particular on a possible blockade of the Strait of Hormuz. He also stressed that the war in Ukraine must remain high on the international agenda despite escalating tensions in the Middle East.

Ahead of a meeting of G7 finance ministers and central bankers in Paris, Klingbeil said Europe wanted to rely on cooperation and trade rather than confrontation. He added that recent international crises had shown Germany and the European Union needed to become more resilient and less dependent in energy, strategic raw materials and supply chains.

The talks in Paris will also include meetings with representatives from Brazil, India, South Korea and Kenya. Berlin is seeking to expand its economic and political partnerships beyond its traditional Western allies.

Klingbeil is also due to sign a double taxation agreement with Ukrainian Finance Minister Serhiy Marchenko in Paris. The document is intended to strengthen trade relations and provide greater legal certainty for companies and investors.

(reuters, max)