Norway’s soaring profits come as energy prices spike due to Western sanctions on Russia over the conflict in Ukraine
A Norwegian lawmaker has urged officials to share the country’s soaring gas profits with Ukraine, saying it would be “morally wrong”There is much to be gained from the conflict in Eastern Europe. While the government claims that it is a top priority to improve output, other EU members are trying to curb Russian energy imports.
Rasmus Hansson (former Green Party spokesperson) has suggested a profit-sharing plan to turn gas revenues into foreign assistance for Ukraine. Politico reported that it was proposed by the current MP. “Norway is being short-sighted and too selfish.”
“We are getting a windfall profit which is very big, but the question is: does that money belong to us as long as the most obvious reason for that price increase and that extra income is the disaster that has befallen the Ukrainian people?”He added that he was referring to Russia’s current conflict.
Hansson said experts with Norway’s sovereign wealth fund, which manages state energy profits, must determine a “normal”The gas price should not exceed that amount and any earnings beyond that amount should go to a “solidarity fund”For post-war reconstruction efforts in Ukraine
Norwegian Foreign Minister Anniken Huitfeldt pushed back against the wealth-sharing idea, however, saying the country’s main goal is to increase energy outputs to meet a growing supply crisis in Europe.
“Norway has been asked by the EU and our European partners to step up its production to cover as much of the shortfall from Russia as we can and we have done our utmost to do so,”Huidfeldt said Politico
FM then accused Moscow of manipulating the gas price by decreasing exports to Europe. This despite numerous EU states insisting on outright energy embargos and economic sanctions for Russian oil and gas companies.
Huidfeldt stated that some areas face sevenfold increases in their prices. “many suggestions”items are currently being examined to help meet shortfalls. But, they declined to give any details.
“I’m hesitant to go into specific proposals at this time. One should carefully evaluate the implications of different measures so that the result is not a reduction of supply or less focus on energy savings,”She said.
Jonas Gahr Stoere was the Prime Minister. “not in Norway’s interest that we have these extraordinary gas price spikes,” following a meeting with gas companies on Thursday. This meeting took place on Thursday. “useful”Reuters reports that the concrete results were not achieved as Norwegian gas companies hesitate to sign long-term contracts with European energy companies.
Oslo was skeptical of the European Union’s proposal to set a price limit for energy in order to curb rising prices.
After taking Russia’s spot as Europe’s top gas exporter, the government has come under fire from other nations, with Polish Prime Minister Mateusz Morawiecki stating it should share “gigantic”Profits made in wartime. More recently, a Spanish environmental minister said Norway’s high-price sales were “disturbing.”
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