Leaders gather to grapple with wars, global economy

Leaders of the G7 – which gathers some of the world’s richest countries – are gathering in Evian-les-Bains, France, on Monday to begin a three-day summit that will be dominated by the wars in Ukraine and Iran.

Russia’s invasion of Ukraine has been on the agenda for more than four years now, with no end in sight, but the security and economic consequences of that war have been overshadowed by those emanating from Iran, which the United States and Israel attacked on February 28.

The nearly 15-week war has thrown global markets into turmoil as Iran maintains control of the world’s oil supply by blocking the all-important Strait of Hormuz – through which about 20% of global supply normally flows.

The situation has cut off access to oil, gas and fertilizer, causing prices for everything from food to household goods to skyrocket around the world.

Apart from the leaders of Canada, Germany, Italy, Japan, Britain and the US, host Emmanuel Macron has also invited the heads of Egypt, Qatar, Ukraine and the United Arab Emirates to participate in the session.

Trump promised to end the war in Ukraine on his first day back in office (January 20, 2025), but a permanent resolution to the conflict has so far eluded him.

While Iran is expected to lead the agenda on Monday, Tuesday is scheduled for discussion on the situation in Ukraine and what it means for European security.

Other issues to be discussed during the program include sourcing of critical minerals as well as increasing economic instability. Brazil, India, Kenya and South Korea have all been invited to join these conversations.