Turkish Foreign Minister Hakan Fidan on Saturday urged Russia and Ukraine to make "significant sacrifices" to reach a peace agreement, warning that the nearly five-year war has inflicted enormous damage on the global economy and carries the risk of further regional escalation.

Speaking to Anadolu and Turkish public broadcaster TRT on the sidelines of a G20 foreign ministers’ meeting in the US city of Atlanta, Fidan said the economic and social costs of the conflict have become increasingly difficult to ignore, particularly for European countries.

"These wars are no longer sustainable. Therefore, Russia and Ukraine must reach an agreement that entails significant sacrifices," he said.

He added that a lasting settlement would require not only peace between Russia and Ukraine but also a improved relationship between Russia and Europe.

"A constructive relationship between Europe and Russia needs to be redefined in the aftermath of peace. This is because any peace agreement that Ukraine reaches with Russia will not be limited to those two countries alone. In a sense, Europe also needs to reconcile with Russia and restart certain aspects of their relationship.

This is important," Fidan stressed. 'Hormuz closure adds to global economic pressure' Fidan warned that the closure of the Strait of Hormuz had significantly compounded the economic consequences of the Ukraine war, further disrupting energy supplies and international trade.

He said the interconnected nature of the global economy made it "increasingly difficult" to calculate the full financial impact of these disruptions.

European industries had long benefited from relatively inexpensive Russian energy, which supported manufacturing, exports, and related financial activities. The breakdown of these economic connections has created far-reaching consequences, he explained. He stressed that the mounting economic burden must be brought to an end.

'Türkiye working to restore Black Sea grain trade' Fidan also expressed concern over disruptions to commercial shipping in the Black Sea, noting that Russian and Ukrainian grain and energy supplies are struggling to reach international markets.

"Food security, in particular, is an incredibly problematic issue. It needs to be brought to a halt as soon as possible." Fidan said Türkiye is continuing intensive diplomatic contacts and making substantial efforts to facilitate the transportation of grain from the Black Sea to international markets.

He also called for the dispute between the US and Iran that led to the closure of the Strait of Hormuz to be resolved as soon as possible, stressing the importance of reopening critical international trade routes.

Fidan said the Ukraine war has caused significant human suffering alongside its economic and geostrategic consequences.

Meanwhile, Turkish President Recep Tayyip Erdogan met with his Ukrainian counterpart Volodymyr Zelenskyy on Saturday in Istanbul.

Zelenskyy was in Türkiye on a working visit, with the meeting taking place amid Ankara's continued diplomatic engagement over the war between Russia and Ukraine.

Fidan voiced concern that the conflict could spread further if international efforts fail to stop it. He said many of the scenarios Türkiye had previously feared of the war expanding had already materialized.

"If we do not stop it, the conflict could expand further—a scenario we certainly do not wish to see. To be frank, we are warning both international and regional actors about this. For our part, we will continue to do everything we can," he said.

Using its good relations with both Russia and Ukraine, Türkiye has continued to position itself as a diplomatic interlocutor in efforts to end the war and address its broader regional and international consequences.