G7 Foreign Ministers pose for a family picture during a meeting at the Vaux-de-Cernay Abbey in Cernay-la-Ville outside Paris, on March 27, 2026. (Photo by Alain JOCARD / AFP via Getty Images)
Alain Jocard | Afp | Getty Images
Another Monday, another emergency meeting.
This time it’s between G7 finance ministers, energy ministers and central bank governors, once again hosted by France, but as a virtual session. It marks the fourth time since the start of the war in Iran that the G7 has convened at a ministerial level.
The meeting fatigue is palpable.
The first virtual session of finance ministers and central bank governors on March 9 resulted in a communiqué that promised to “closely monitor the situation and developments in energy markets and… to exchange information and co-ordinate.” The criticism over the inaction was swift.
The following day, energy ministers also met virtually to take joint action on energy stockpiles alongside the IEA to try and ease the crunch. In the short term is was effective, but was also met with skepticism over the long-term impact.
Since that date, energy markets have swung wildly, including some of the biggest one-day moves for oil since the war in Ukraine broke out in 2022, and volatility has spiked.
CBOE Volatility Index year-to-date
Last week, foreign ministers met in the beautiful setting of the Vaux de Cernay Abbey, where they voiced their concerns over the longevity of the war in Iran, but gave few direct actions.
The European Union’s foreign policy chief, Kaja Kallas said: “We need an exit, not an escalation in this war. And that means there has to be a diplomatic solution so that this region will come out of it stronger and actually more peaceful. Therefore it can only be a diplomatic solution, sit down and negotiate to have a way out.”
Germany’s Foreign Minister Johann Wadepul complained, “it is not a lack of weapons, but a lack of communication” that is complicating coordinated efforts on Iran. He told Deutschlandfunk that there are preparations for the U.S. and Iran to meet directly in Pakistan “very soon.”
Iran war is a ‘catastrophe,’ G7 ministers warn — but there’s little they can do to stop it
The upcoming G7 leaders’ summit in June is also not without controversy. The French government has invited the leaders of India, South Korea, Brazil and Kenya to join the summit in Evian on June 15-17. This has caused upset with South Africa, which has been a regular guest representing the African continent at the G7 level.
French officials have said the lack of invitation is not due to pressure from the U.S., but South Africa believes the Trump administration had threatened to boycott the meeting if Cyril Ramaphosa attended. China is also not expected to attend the summit.
So why are these meetings between the G7 yielding so few actionable outcomes?
The easy answer is to blame President Donald Trump’s ‘America First’ approach for damaging multilateral relations between the U.S. and its allies. This policy has allowed protectionism to rear its angry head, while his direct criticisms of other nations and their leaders have put many heads of state on the defensive.
But it doesn’t tell the full picture. Questions around the influence of the G7 grew louder in 2022, after the invasions of Ukraine by Russian forces. Moscow was expelled from the group, and the G8 became the G7. And the war in Ukraine rages on. Disputes within NATO, and pressure over funding from the Trump administration, have intensified tensions that were already growing.
Political and economic pressure is growing to find more meaningful steps to de-escalate and end both the wars in Iran and Ukraine – but it seems increasingly unlikely that the G7 can be the diplomatic vehicle to deliver that.
Economic data this week:
Monday: German inflation data
Tuesday: EU inflation data, UK GDP data
Wednesday: EU Unemployment data
Thursday: N/A
Friday: U.S. non-farm payrolls data