Spanish Prime Minister Pedro Sanchez delivered a blistering attack on the United States and Israel on Wednesday, warning that the Iran war is inflicting severe global economic damage and that ordinary citizens around the world are being forced to pay the price.
“Every bomb that falls in the Middle East hits the wallets of our families,” Sanchez told lawmakers in parliament, revealing that Spanish firms alone have lost 100 billion euros ($116 billion) in market value since the conflict erupted on February 28.
Sanchez said it was unjust for citizens worldwide to bear the cost of what he called illegal U.S. and Israeli actions in Iran. His stance, once isolated among European leaders, has since been echoed by others as the war drags into its second month.
The Economic Toll
The 100 billion euro figure refers to the decline in the aggregate market capitalization of Spain’s blue-chip IBEX index since the war began. But Sanchez warned the damage extends far beyond Spain’s borders.
The conflict has sent energy prices soaring, disrupted global supply chains, and threatened to tip already fragile economies into recession. The Strait of Hormuz, through which a fifth of the world’s oil passes, has been effectively closed by Iran’s military.
Sanchez called the situation “intolerable” and “unsustainable,” urging the international community to take action to shield ordinary people from the fallout.
Parliament is expected to vote on Thursday on measures proposed by the cabinet last week to help citizens weather the economic storm, including lowering fuel and electricity taxes and granting fuel subsidies to sectors most exposed to energy price spikes.
Netanyahu ‘Aims to Destroy Lebanon’
Sanchez, one of the most vocal supporters of Palestinians among Western leaders, also warned that Israel is seeking to inflict on Lebanon the same level of devastation it brought to the Gaza Strip.
“An emboldened Israeli Prime Minister Benjamin Netanyahu aims to inflict on Lebanon the same destruction and suffering that was committed in Gaza,” he said, speaking a day after Israeli ministers announced their intent to seize southern Lebanese territory up to the Litani River.
His comments reflected growing European alarm at Israel’s escalating military campaign against Hezbollah, which has killed more than 1,000 people in Lebanon and displaced over a million since March 2.
‘It’s Not Fair’
Sanchez’s most pointed words came at the close of his address.
“It’s not fair that someone sets fire to the world and the rest of us have to swallow the ashes,” he said.
The metaphor captured the frustration of a European leader watching a war he cannot stop inflict damage he cannot shield his citizens from. Spain has opposed the U.S.-led campaign from the outset, refusing to allow its bases to be used for strikes on Iran and distancing itself from the Trump administration’s hardline posture.
But distance has not insulated the Spanish economy. The IBEX index’s 100 billion euro loss is a tangible measure of the cost of a war that Sanchez says Spain never wanted.
What Comes Next
Thursday’s parliamentary vote on economic relief measures is expected to pass. But Sanchez acknowledged that short-term subsidies and tax cuts are not enough.
“We need a global response,” he said, calling for an international summit to address the economic consequences of the war. The European Union is set to discuss the issue at a leaders’ summit next week.
For now, Sanchez is saying that ordinary people shouldn’t pay for wars they didn’t start. But as the conflict grinds on and energy prices climb, he knows that message is easier to deliver than to enforce.
