Reuters live press conference from the G7 finance ministers meeting in Paris focused on sanctions on Russia, macro imbalances, critical minerals, and food/fertilizer security.
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This transcript is a Reuters live doorstep/press conference from the G7 finance ministers meeting in Paris. The primary speaker appears to be France’s finance minister, who repeatedly emphasized that the G7 wants coordinated action but that many measures must be handled by each central bank or jurisdiction individually. The exchange centered on whether the US waiver on sanctions for Russian oil should be extended, with the speaker saying the G7 was unanimous that Russia should not profit from the war in Ukraine, but that the waiver itself was not a G7 decision. The press conference also covered global macro imbalances. The speaker argued that the discussion should not be framed as finger-pointing but as coordinated, mutually beneficial adjustment: Europe needs more investment, China needs more consumption, and the US deficit needs to fall. …
Immediate risk is headline volatility from sanctions, Hormuz, and any clarification on the Russian oil waiver. Market-sensitive assets are likely to react more to new policy language than to any finalized G7 outcome.
Over the next few weeks, the likely path is incremental coordination on sanctions, supply-chain resilience, and food-security measures rather than a single decisive policy package. Confirmation would come from concrete task-force steps, trade tools, or logistics actions; without that, the theme stays mostly rhetorical.
The longer-run implication is a more interventionist regime in strategic commodities, where governments treat rare earths, fertilizer, energy transit, and sanctions exposure as security issues. That supports persistent de-risking and industrial-policy premiums across affected supply chains.
The G7 agrees that Russia must not benefit from the war in Ukraine, but the Russian oil sanctions waiver is not a G7 decision.
The speaker separates G7 sanctions unity from the US waiver decision.
The G7 wants coordinated action on global imbalances rather than blame-shifting between countries.
The speaker explicitly rejects finger-pointing and emphasizes simultaneous adjustment.
Europe needs more investment, China needs more consumption, and the US deficit needs to go down.
This is the speaker's simple summary of desired macro rebalancing.
The US announced another waiver of sanctions on Russian oil. As G7 members aligned, would you agree with that extension of the waiver?
The minister states this is not a G7 decision, so he refrains from answering on behalf of the US, directing the journalist to ask Scott Bessent. He affirms that the G7's willingness to keep pressure on Russia through sanctions was unanimous.
Did you call again with Mr. Bessent for the reopening of the Strait of Hormuz? And did you get any sense from the US delegation of their next moves in terms of the conflict?
The minister says they all agree the Strait of Hormuz should be opened as soon as possible, free of charge. Bessent gave an update on the conversation. The minister notes that some G7 conversations remain private and won't be disclosed.
What precisely do you have in mind regarding domestic measures to address unsustainable macro imbalances, and how can having the IMF and OECD track those make a difference?
The minister explains it's not about finger-pointing. Europe needs more investment, China needs more consumption, and the US deficit needs to go down. Everyone admits doing it together would be more efficient, but a coordinated conversation hasn't happened yet. A central banker adds that there was unanimous agreement on targeted, temporary, and tailored measures, and notes France's sober fiscal approach is welcome.
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