Renewed discussion of removing sanctions from Iran’s oil industry is becoming one of the most important issues on the current agenda.  The subject reflects a strategy whereby the United States and the EU are looking for solutions to the problem of an oil shortage in the here and now: they are under time pressure given the possibility of a full-scale oil embargo against Russia. 

The military conflict in Ukraine that began in February and the extensive sanctions against Russia that have been introduced following this have led to a volte-face in the European Union’s energy policy.  Under pressure from both external partners and its internal political elite, the EU has declared that it is prepared to abandon Russian gas, oil and coal completely by 2027.

It is no exaggeration to say that the start of Russia’s military action in Ukraine and the ensuing sanctions against Russia have brought about a tectonic shift in the global economy, in which trade relations and links that have existed for decades risk being severed.  One of the areas most affected by the crisis is energy. 

The conflict that flared up at the end of February between Russia and Ukraine has been a massive shock to the entire political landscape of the European Union. Its seismic waves are continuing to reverberate in all its economies’ markets and industries.

With the warmer months when gas storage facilities are usually filled for the next winter approaching, Europe is struggling to find ways to replace Russian gas with potential alternatives. Attention is naturally turning to Norway, the second largest gas supplier to the continent.