Iran risks ‘uncontrollable regional escalation’, warns G7


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(Reporting by Andrea Shalal; Editing by Andrew Heavens) dollar, euro or Japanese yen as important global currencies. She said there were risks involved, but downplayed concerns that confiscating Russian assets would undermine the role of the U.S.

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ROME, April 11 (Reuters) – Italy is planning to invite numerous South American and African countries including Argentina, Egypt and Tunisia to the Group of Seven (G7) leaders’ summit it will host in mid-June, a source close to the matter said.

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(Reporting by Jeff Mason, Steve Holland, Doina Chiacu, Eric Beech, and Joel Schectman; Editing by Diane Craft, Chizu Nomiyama and Jonathan Oatis and Miral Fahmy) House of Representatives will make a change in its schedule to consider legislation that supports Israel and holds Iran accountable, Republican House Majority Leader Steve Scalise said in a statement.

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The G7 is a group of finance ministers formed in 1976 and includes the United States, Japan, Germany, Britain, France, Canada, and Italy.

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WASHINGTON, March 15 (Reuters) – G7 nations are prepared to respond with severe new penalties that could include a ban on Iran Air flights to Europe if Iran proceeds with the transfer of close-range ballistic missiles to Russia, a senior U.S. official said on Friday.

The leaders’ summit will take place in Borgo Egnazia, a resort in the southeastern Puglia region on June 13-15. The G7 comprises the United States, Britain, Canada, France, Germany, Italy, Japan and the European Union.

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Iran launched explosive drones and fired missiles at Israel late on Saturday in retaliation for an attack on its embassy compound in Damascus, fuelling fears of a wider regional conflict bursting out of the Israel-Hamas war.

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One of the most promising proposals under consideration would see G7 countries pull forward the interest due on the frozen Russian assets to use as collateral for loans or bonds issued to help Ukraine, sources familiar with the issue said.

‘We will continue to work to stabilise the situation and avoid further escalation. In this spirit, we demand that Iran and its proxies cease their attacks, and we stand ready to take further measures now and in response to further destabilising initiatives,’ the G7 said in a joint statement.

Treasury officials, Eric Van Nostrand, assistant secretary for economic policy, and Anna Morris, acting assistant secretary for terrorist financing, will make the remarks at an event held by the Ananta Aspen Centre in New Delhi, the Treasury told Reuters on Wednesday.

support for Israel’s security in a call with Prime Minister Benjamin Netanyahu, with whom he has had strained relations over Israel’s handling of the war in Gaza. The president said he reiterated the ironclad U.S.

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However it could take a year or more to unlock value from the assets, experts said. Most, if not all, countries that hold Russian assets, would need to pass domestic legislation to make the actions possible.

Iran launched the attack in response to a suspected Israeli strike on its consulate in Syria on April 1 that killed top Revolutionary Guards commanders and followed months of clashes between Israel and Iran’s regional allies, triggered by the war in Gaza.

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