Finance ministers from almost a dozen countries, led by the UK, on Wednesday called on the US, Israel and Iran to implement their ceasefire in full, and said the conflict would weigh on the global economy and markets even if it were to be resolved soon.

A joint statement — signed by finance ministers from Australia, Japan, Sweden, the Netherlands, Finland, Spain, Norway, Ireland, Poland and New Zealand as well as Britain — was agreed to a day after the International Monetary Fund cut its global economic growth forecasts because of the war.

The statement called on “all parties” to implement in full the ceasefire agreed earlier this month and said the war had caused unacceptable loss of life.

“Renewed hostilities, a widening of the conflict, or continued disruption in the Strait of Hormuz would pose serious additional risks to global energy security, supply chains, and economic and financial stability,” it said. The strait, which Iran began blocking at the war’s outset, is a key pathway for the global supply of oil.

“Even with a durable resolution of the conflict, impacts on growth, inflation and markets will persist,” said the statement, which was issued by Britain’s government during the IMF and World Bank spring meetings in Washington.

The statement came amid reports of progress in talks between the US and Iran over extending the ceasefire and working toward a possible end to the war. The current two-week ceasefire is set to end on April 22.

British Finance Minister Rachel Reeves, who this week criticized the US strategy in the Iran war as “folly,” kept up her calls for an end to the conflict, which London has not backed.

“A sustained ceasefire and avoiding knee-jerk responses is key to limiting costs for households,” she said in her own statement on Wednesday.

Trump on Tuesday continued to criticize Britain’s government for failing to back the Iran war, and said the country’s trade deal with the US “can always be changed.”

British Prime Minister Keir Starmer said on Wednesday he would not yield to pressure from Trump to join the conflict.

At an event hosted by CNBC in Washington, Reeves said the differences between Britain and the US over the conflict would not jeopardize the long-term relationship between the two countries.

“Friends are allowed to disagree on things,” Reeves said.

More broadly, mindful of the surge in public debt to help households and businesses during the COVID-19 pandemic, and after Russia’s 2022 full-scale invasion of Ukraine, the ministers committed to being fiscally responsible with any new support, which would be targeted at those who most need it.

“We commit to avoiding, and call on all countries to avoid, protectionist actions, including unjustified export controls, stockpiling and other trade barriers in hydrocarbon and other supply chains affected by the crisis,” they said.

The statement also voiced support for Ukraine and called for sustained pressure on Russia.

“We reaffirm our unwavering support for Ukraine and our determination to maintain economic pressure on Russia,” it said. “Russia’s war in Ukraine, now in its fifth year, continues to negatively impact the global economy. Russia must not benefit from this conflict, and as market conditions allow, to avoid exacerbating disruptions to supply chains and energy prices, we will continue collaborating on ways to increase pressure.”

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