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Many courts accuse Norway of making big money on the war in Ukraine. Is Norway a war profiteer? Like Normann, I have to answer yes. At the same time, I’m embarrassed. The reason for this accusation against Norway is of course that Norway makes a lot of money from the increased gas price. A gas price that has been skyrocketed by Russia.

Doubling of income from oil and gas

According to Nordea, Norway’s income from the oil and gas industry will double compared to 2021, which was a record year. This year, revenues are expected to total NOK 1,500 billion, compared to NOK 870 billion in 2021. For 2023, Nordea’s calculations say that Norway will receive revenues of a total of NOK 1,900 billion from oil and gas.

While Europe experiences a gas crisis following Russia’s invasion of Ukraine, Norway remains the economic winner. The EU’s request to Norway to reduce the gas price has been rejected. Norway is now Europe’s most important gas supplier. 40% of the EU’s gas comes from Norway. It is likely that the international gas price would have been pushed down if Norway reduced the price of gas to the EU.

No wonder Norway is referred to as a war profiteer. While Europe is experiencing a crisis on the energy front, Norway is doing nothing to solve it. On the contrary. By not regulating the price of gas, Norway contributes to Putin’s gas war being a powerful weapon for Russia.

What Norway can do

In my opinion, there are two things Norway can contribute to this gas war.

One is to sell gas to Europe cheaper. It will reduce the possibility of an economic collapse in Europe due to gas prices. It will also lead to less danger of some countries withdrawing their support for Ukraine because the consequences with gas and energy will be too high. This is what Putin is hoping for. A Europe in need can withdraw support for Ukraine.

The other thing Norway can do is to guarantee that a large part of the extra money earned will go to rebuilding Ukraine after the war. The country needs enormous support. Yes, the requirement that Russian funds frozen abroad be used for reconstruction is fine. Whether it is possible to use these funds from a legal perspective is more questionable.

What can a stamp as a war profiteer mean in the long term?

Norway is seen as a humane country, a country that provides a lot of aid and seeks solutions to international conflicts. Such a picture is about to get a serious scratch.

At one point or another, the day will come when Norway needs Europe’s support. It would be far-fetched for Europe to give such support to a country that was unwilling to look for a solution to an energy crisis. The reputation of Norway is fading. A reputation as a war profiteer is probably the worst thing that can happen.

Sources:

–Norway appears as a greedy war profiteer (bistandsaktuelt.no)

War profiteer Norway must do more for Ukraine (aftenposten.no)

Norway can earn NOK 1,900 billion. on oil and gas in 2023: – An insane gain