Finance chiefs of the Group of Seven nations have agreed it is urgent to limit the cost to the global economy of the war in the Middle East and “reaffirmed the pressing need to move toward a lasting peace”, Reuters reports according to a statement from France, which holds the G7 presidency this year.

The war was the biggest of three key topics discussed by the finance ministers and central bank governors of the world’s richest democracies on the sidelines of the spring meetings of the International Monetary Fund and World Bank in Washington.

“The conclusion was unanimous: it is urgent to limit the cost to the global economy of an enduring conflict. G7 members reaffirmed the pressing need to move toward a lasting peace,” the statement said.

“More than ever, coordination among G7 members remains key to addressing the economic and energy impacts of the crisis. G7 members are particularly vigilant about the direct and indirect effects on the most vulnerable states.”