EU lawmakers urge Norway to share windfall energy profits
Several European Parliament lawmakers called on Norway to redistribute part of its increased oil and gas revenues, arguing that windfall gains from the Middle East crisis should support Ukraine and European consumers. Norwegian officials pushed back, citing existing contributions and warning that global instability harms Norway’s sovereign wealth fund.
A group of lawmakers in the European Parliament on Monday urged Norway to share a portion of its soaring oil and gas revenues, arguing that windfall profits driven by the Middle East conflict should be directed toward Ukraine and European households facing high energy bills. According to Norwegian public broadcaster NRK, the crisis and a fragile regional ceasefire have pushed energy prices higher, significantly boosting Norway’s export earnings. Karin Karlsbro, a Swedish member of the European Parliament from the liberal group, said countries with strong financial capacity should step up support for Ukraine. “I hope that all countries that have the financial means to increase their support for Ukraine will do so. It is clear that Norway now has a new opportunity,” she said.
Proposals for higher energy taxes
Parallel proposals have also targeted energy corporations. German lawmaker Rasmus Andresen from the Greens group called for higher taxation on oil and gas companies operating in Europe. “Europeans have huge bills. We want to tax oil and gas companies harder,” he said, suggesting a levy of 20–25% with proceeds redistributed directly to consumers. The proposal, backed by several countries, is under consideration by the European Commission and could affect major players such as Norway’s state-controlled Equinor.
Norwegian response
Norwegian officials pushed back against the criticism, highlighting existing contributions. Finance Minister Jens Stoltenberg said Norway already provides significantly higher support to Ukraine relative to its economic size than other Western nations. He also warned that while rising oil prices boost revenues, global instability negatively impacts Norway’s sovereign wealth fund, which is heavily invested in international markets. “If unrest in the world leads to weakened future prospects … the fall in the fund will be far greater than the increased oil revenues,” Stoltenberg said, stressing that Norway ultimately benefits from global stability.
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