Thank you @EmmanuelMacron for organising a call with G7 partners to discuss a coordinated response to the concerning situation in Iran and the Middle East. We are focused on minimising the impact on security and the global energy market. @eucopresident and I recalled that the immediate priority is to keep energy flows moving, especially navigation through the Strait of Hormuz - critical for the global economy. Enforcing the oil price cap will help stabilise markets and limit Russia’s revenues. This is not the moment to relax sanctions on Russia. We both welcomed today’s decision by the IEA to make 400 million barrels of emergency reserve oil available to ease tensions in global energy supply. We agreed to work closely with partners in the region to prevent broadening of the conflict and restore stability.

There is hope that this moment can open a path towards a free Iran. That is what the Iranian people deserve : freedom, dignity, and the right to decide their own future. But allow me to make one important point. Seeing the world as it is in no way diminishes our determination to fight for the world we want.

Our choice to diversify towards homegrown renewables and nuclear paid off. But we are not immune to price shocks. Households and companies face pressure today. So, we must deliver relief now. We must comprehensively look at how we can reduce people’s energy bills. And look at the 4 components of the price: the cost of the energy itself, grid charges, taxes and levies and carbon costs.