Salvini warns of economic crisis from Hormuz strait closure

Italy's Transport Minister Matteo Salvini warned Monday of severe economic consequences stemming from the closure of the Strait of Hormuz, citing rising fuel and energy costs that could destabilize the country's supply chains and household budgets.

Speaking at the inauguration of a completed highway section on the A33 near Roddi, Salvini said he had recently spoken with Finance Minister Giancarlo Giorgetti, who shares his concerns. "With the energy crisis, the cost of diesel, petrol, electricity and gas—and therefore also the shopping basket for families and businesses—everything risks collapsing," Salvini said.

The minister shifted focus from celebrating the completion of the 30-year highway project to address the cascading effects of rising fuel costs on trucking, retail distribution, and the broader Italian economy. He called for the European Union to suspend its fiscal stability pact to allow member states flexibility in responding to the crisis.

Separately, Prime Minister Giorgia Meloni addressed Italy's potential participation in a military mission to secure the Strait of Hormuz. Speaking at the Salone del Mobile in Milan on Tuesday, Meloni said Italy had been among the first to propose UN authorization for such a mission. However, she noted that Russia and China have vetoed the proposal in the UN Security Council.

Meloni said that if the veto cannot be lifted in coming weeks, Italy should still participate under certain conditions: a cessation of hostilities, broad international support, and a purely defensive posture for the mission. She emphasized that Parliament would need to approve any Italian participation.

On a separate diplomatic matter, Italy joined Germany and five other EU member states in blocking a Spanish proposal to suspend the EU-Israel association agreement. The Foreign Affairs Council in Luxembourg remained divided on the measure, with Spain leading supporters of the suspension while Italy, Germany, Austria, the Czech Republic, Bulgaria, Slovakia, and Hungary opposed it. The proposal required unanimous approval and was rejected.

Italian Foreign Minister Antonio Tajani, who had declared his opposition to the suspension, officially announced the rejection of the Spanish proposal. The EU did approve a separate decision to suspend the automatic renewal of its defense agreement with Israel.