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EU Ministers Press Bessent on War, Sanctions Amid Growth Downgrade

5/20/2026

Summary

Story summary

European finance ministers urged U.S. Treasury Secretary Scott Bessent to end the war and reopen the Strait of Hormuz.
Bessent extended the pause on Russian oil sanctions until mid-June, a move EU commissioner Valdis Dombrovskis called mistimed.
European Commission is expected to downgrade growth estimates on Thursday because oil and food prices strain economy, prompting Italian Finance Minister Giancarlo Giorgetti to urge an exemption for energy support from spending limits.

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Story summary

European finance ministers urged U.S. Treasury Secretary Scott Bessent to end the war and reopen the Strait of Hormuz.
Bessent extended the pause on Russian oil sanctions until mid-June, a move EU commissioner Valdis Dombrovskis called mistimed.
European Commission is expected to downgrade growth estimates on Thursday because oil and food prices strain economy, prompting Italian Finance Minister Giancarlo Giorgetti to urge an exemption for energy support from spending limits.