LIVE: G7 finance ministers meet in Paris

Strait of Hormuz reopening agreed as priority

G7 members unanimously support reopening the Strait of Hormuz as soon as possible but "not at any cost and certainly free of charge," with U.S. Treasury Secretary Scott Bessent providing updates on related negotiations.

Russia sanctions unity maintained despite U.S. oil waiver

While the U.S. decision to waive sanctions on Russian oil is a unilateral move, G7 ministers unanimously agreed to continue applying pressure on Russia and prevent Moscow from benefiting from Middle East instability.

Coordinated approach to unsustainable deficits

Ministers agreed that Europe needs more investment, China needs more consumption, and the U.S. needs to reduce its deficit, with the IMF and OECD tasked with tracking progress to enable simultaneous policy adjustments.

Rejection of finger-pointing for mutual gains

The framework emphasizes win-win coordination over zero-sum negotiations, acknowledging that synchronized policy actions by each jurisdiction will be more efficient than unilateral measures.

New market monitoring task force

The G7 will establish a task force to monitor critical mineral markets similarly to how the IEA tracks oil, identifying stockpiling gaps and market vulnerabilities without creating a new agency.

Concrete alternatives to Chinese dominance

A new rare earth recycling facility in southwest France financed by the U.S., Japan, and France will produce 10% of global supply, demonstrating "pragmatic multilateralism" to reduce dependence on single-country monopolies.

Fertilizer corridors and diversification

Ministers discussed U.S.-proposed fertilizer corridors to protect vulnerable countries during cropping season, alongside supply diversification and strategic stockpiling to prevent food crises.

"Triple T" principles for domestic measures

There was unanimous agreement that domestic economic measures must remain targeted, temporary, and tailored to avoid creating fiscal problems and increasing global oil demand.