In Washington, French Economy Minister Roland Lescure stated that Paris refuses to pay to cross the Strait of Ormuz and that Russia must not benefit from it. Accompanied by the Bank of France governor, he is attending G7, G20, and IMF meetings on the war in Iran's economic impact. He also mentioned readiness to release oil stocks if needed.
Roland Lescure, French Minister of Economy and Finance, attended G7, G20, and IMF meetings in Washington on Wednesday amid grave concerns over the war in Iran. Discussions focus mainly on the conflict's economic fallout, particularly the potential Strait of Ormuz blockade, with possibilities still wide open according to the minister.
Lescure reiterated: 'I do not want to pay one dollar to pass Ormuz,' referring to toll threats. He stressed that 'Ukraine must not be collateral damage' and 'Russia must not reap the benefits of this crisis,' as oil prices have surged for over six weeks, aiding Moscow. US Treasury Secretary Scott Bessent announced no renewal of the one-month sanctions moratorium previously lifted.
The IMF presented three scenarios, including one with global inflation at 6% if the conflict extends beyond 2026. Lescure assured: 'If we need to release stocks again, we will.' Beside him, Bank of France Governor François Villeroy de Galhau stated: 'We will act without hesitation but without precipitation,' indicating a possible ECB rate hike.
Among other priorities, Lescure argued against replacing hydrocarbon dependency with rare earths reliance, noting unanimous partner support amid China's near-monopoly.
