G7 Statement: Finance Ministers Discuss Economic and Financial Consequences of the Middle East Crisis, Critical Mineral Supply Chains, and the Ukraine Issue

The finance ministers of the member countries discussed the economic and financial consequences of the Middle East crisis, key mineral supply chains, and support for Ukraine at a meeting held in Washington. The finance ministers unanimously agreed that there is an urgent need to limit the long-term costs that the Middle East conflict brings to the global economy. The G7 member countries remain highly vigilant regarding the direct and indirect impacts of the conflict on the most vulnerable countries. The finance ministers and central bank governors of G7 member countries reiterated their support for Ukraine. The finance ministers discussed the necessity of maintaining pressure on Russia to prevent the Middle East crisis from benefiting its war actions. The finance ministers also discussed meeting Ukraine’s energy needs in preparation for the coming winter.