Türkiye's Minister of Foreign Affairs, Hakan Fidan, warned that the closure of the Strait of Hormuz has significantly worsened the economic fallout from the war in Ukraine, further disrupted energy supplies and international trade, and increased pressure on the global economy.
Speaking at the G20 Foreign Ministers’ Meeting in Atlanta, USA, Hakan Fidan noted that the global economy's interconnectedness is making it increasingly difficult to assess the full financial impact of these disruptions. Hakan Fidan also emphasised the importance of swiftly resolving the US-Iran conflict that led to the closure of the Strait of Hormuz and reopening these vital international trade routes.
Noting that European industries had long benefited from relatively cheap Russian energy, which in turn supported manufacturing, exports and related financial activities, Fidan said that the collapse of these economic ties would have far-reaching consequences. The Turkish Foreign Minister stressed that this mounting economic pressure must come to an end and called on Russia and Ukraine to reach a peace agreement, noting that the war, which has been ongoing for nearly five years, has caused significant damage to the global economy and carries the risk of further escalating tensions in the region.
Fidan remarked that it was becoming increasingly difficult to ignore the war's economic and social costs, particularly for European countries. Fidan said: “It is no longer possible for these wars to continue; therefore, Russia and Ukraine must reach an agreement. Achieving a lasting solution requires not only peace between Russia and Ukraine, but also the improvement of relations between Russia and Europe.”
Fidan also expressed concern about the disruption to commercial shipping in the Black Sea, noting that Russian and Ukrainian grain and energy shipments were facing difficulties in reaching international markets, and added, "Food security is a crucial issue. This must come to an end as soon as possible.”