Cooper Accuses Russia and Iran of Attempting to Hijack Global Economy
Foreign Secretary Yvette Cooper has issued a stark warning, accusing Russia and Iran of actively trying to "hijack the global economy" through coordinated actions that threaten international stability. This declaration came during her diplomatic visit to Saudi Arabia, where she highlighted the escalating crisis in the Strait of Hormuz.
Iran's Blockade and Economic Fallout
Iran's new supreme leader has vowed to continue attacking shipping in the Strait of Hormuz, a critical oil transit route, in retaliation for ongoing US-Israeli strikes. This blockade has already driven oil prices to approximately 100 dollars per barrel, posing a significant risk of higher inflation worldwide. The strategic waterway is vital for global energy supplies, and its disruption has sent shockwaves through financial markets.
Speaking to the Press Association, Cooper linked Iran's aggressive tactics to those of Russia, emphasizing their alliance. She stated, "We have seen these links between Russia and Iran over an extended period. We're seeing it in technology, approach, tactics, and how these two states support each other to benefit from attempting to hijack the global economy." Cooper added that both nations present a clear threat to global economic wellbeing.
International Responses and Sanctions
In response to rising oil prices, US Treasury Secretary Scott Bessent announced a temporary measure allowing countries to purchase Russian oil already in transit, aiming to ease global pressures. He clarified this as a "narrowly tailored, short-term measure" that would not significantly benefit the Russian government. However, Cooper declined to criticise this easing of American sanctions, describing it as a "specific, targeted issue."
Contrastingly, UK Energy Minister Michael Shanks affirmed that Britain will maintain its sanctions on Russia. He told Sky News, "The UK has been really clear that our sanctions stay in place. We must not assist the Russian war machine during this critical conflict in Ukraine." Shanks warned that Russia might exploit the situation to bolster its ailing economy.
Military and Diplomatic Efforts
During her visit, Cooper inspected a British military base in Saudi Arabia, where troops from 9 (Plassey) Battery, Royal Artillery, operate air defence systems. This deployment, initiated in 2022, supports Saudi Arabia's critical infrastructure following drone attacks. Cooper also engaged with Saudi ministers, including those for energy and foreign affairs, to discuss regional stability and counter Iran's threats.
At a Gulf Co-operation Council meeting, GCC secretary-general Jasem Al-Budaiwi thanked the UK for its military and moral support. Meanwhile, Defence Secretary John Healey, briefing at Northwood headquarters, warned that Vladimir Putin's "hidden hand" is behind Iranian tactics, with Russia benefiting from surging oil prices to fund its war in Ukraine.
Global Coordination and Warnings
Prime Minister Sir Keir Starmer has pledged to "de-escalate the situation" through coordination with world leaders on oil supply. Concurrently, US President Donald Trump issued a stark warning to Iran on Truth Social, asserting his military's "unparalleled power" and threatening consequences. The international community remains on high alert as economic and geopolitical tensions intensify.
