G7 pledges to coordinate sanctions against Iran

G7 finance ministers issued a joint statement condemning Iran's attack on Israel and pledging to coordinate sanctions against Tehran.

"We will ensure close coordination on any future measures to reduce Iran's ability to acquire, produce, or transfer weapons with the aim of destabilizing the region," the finance ministers and central bank governors of the G7 group, including the US, UK, France, Japan, Germany, Italy and Canada, issued a joint statement on April 17.

The statement came after G7 finance leaders met on the sidelines of the spring meetings of the World Bank and International Monetary Fund in Washington, US this week.

US Treasury Secretary Janet Yellen at an event on the sidelines of the IMF and World Bank spring meetings in Washington on April 17. Photo: Reuters

In comments ahead of the meeting, US Treasury Secretary Janet Yellen denounced Iran's "malign and destabilizing activity." "From the weekend attack to the Houthi raids in the Red Sea, Iran's actions threaten stability and could have ripple effects on the economy ," Yellen said.

The US official said that Iran's attack on Israel with more than 300 missiles and drones on April 13 underscored the importance of using economic tools against Tehran's actions. She added that the US has targeted more than 500 individuals and entities associated with Iran and its proxies, such as Hezbollah, Houthi, and Hamas.

G7 foreign ministers are also expected to discuss measures against Iran when they meet in Capri, Italy, on June 17-19. The group is expected to call for sanctions against those involved in Iran's missile supply chain, according to Italian diplomatic sources.

EU foreign policy chief Josep Borrell, who is also in Capri this week, said Brussels was working to expand sanctions against Iran to include its proxy groups in the Middle East as well as “transfers of drones and other weapons to Russia”.

4 attacks by Iran and its allies on Israel. Click on the image to see details

French President Emmanuel Macron said on April 17 that the EU and its Western allies "have a responsibility" to strengthen sanctions on Iranian missile and UAV factories after the Israeli raid.

The US and other Western governments hope that the new sanctions against Iran will persuade Israel to limit the scope and scale of its response to prevent the risk of tensions escalating into a full-blown conflict in the region. However, Tel Aviv insists it must respond to the attack to restore its deterrence, although it is unclear when and how it will do so.

Thanh Tam (According to Reuters, AFP, AP )

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