Escalating hostilities involving Iran could reopen debate within the European Union over banning Russian natural gas imports, Norway’s energy minister said, as energy markets react to renewed instability in the Gulf.
Since Russia’s full-scale invasion in 2022, Kyiv has consistently urged European partners to cut energy ties with Russia, arguing that purchases of Russian oil and gas help finance the Kremlin’s war effort. Ukraine has framed energy sanctions as a central tool in weakening Moscow’s ability to sustain its military campaign.
Gas prices surge 75% as Gulf exports falter
According to Reuters, Norway’s Energy Minister Terje Aasland said the recent US and Israeli military strikes on Iran, followed by Iranian drone and missile attacks on regional targets, have complicated Europe’s energy outlook.
European gas prices have jumped 75% this week, reaching multi-year highs after disruptions to exports from the Gulf.
Major liquefied natural gas exporter Qatar halted production, while an Iranian Revolutionary Guard official warned that Tehran could target ships passing through the Strait of Hormuz - a key route for global LNG supplies.
Norway warns Russian gas debate "will be revived"
“The EU has been very clear that they want to liberate themselves from Russian oil and gas, but then the events of the last three-four days have also been difficult,” Aasland said at a conference in Oslo. “With the geopolitical situation we see now, I believe the debate will be revived.”
The EU last month gave final approval to a ban on Russian gas imports by the end of 2027, nearly four years after Moscow launched its full-scale invasion of Ukraine in February 2022.
Before 2022, Russia was the EU’s largest gas supplier. Although flows have fallen sharply since the invasion, some member states continue to import Russian LNG.
According to Reuters, Norway is now Europe’s largest gas supplier, covering around 30% of EU demand.
What the crisis means for Ukraine
Any renewed debate over Russian imports comes at a time of heightened geopolitical risk, with markets reacting to fears that conflict in and around Iran could further disrupt global energy flows.
For Ukraine, any rollback or delay in phasing out Russian gas would risk undermining one of the key economic pressure points Kyiv has sought to maintain against Moscow since the start of the war.
