Page 4 - FSUOGM Week 42 2021

FSUOGM COMMENTARY FSUOGM

EU takes aim at Russia’s Arctic

oil and gas wealth

The EU wants a more active role in the Arctic, and Russia could see this as an
encroachment into its domestic affairs

EUROPE THE EU has proposed a new Arctic strategy “To this end, the Commission shall work
which, if implemented, would prevent member with partners towards a multilateral legal obli-
WHAT: states from acquiring oil and gas from the Rus- gation not to allow any further hydrocarbon
The EU has proposed sian Arctic. While Moscow has downplayed the reserve development in the Arctic or contiguous
banning Arctic oil and gas impact of this move, it could undermine efforts regions, nor to purchase such hydrocarbons if
purchases. to exploit trillions of dollars of oil and gas in Rus- they were to be produced.”
sia’s far north, putting it on a political collision Going further, the EC’s hope is that it can
WHY: course with Brussels. convince all members of the Arctic Council to
The move would hit The European Commission is seeking to support a ban on Arctic development. Besides
Russia hardest. expand the EU’s role in addressing climate Russia and its EU members, the council also
change and other environmental issues. Its comprises Canada, Iceland, Norway and the
WHAT NEXT: proposal published on October 13 reflects this US. Getting all of these nations to cease Arctic
A ban is unlikely to effort, although the bloc currently has limited drilling would be a considerable undertaking.
be implemented any influence in the Arctic. It is not a member of the The EU ban on Arctic oil and gas purchases is
time soon, although it Arctic Council, even though three of its member a more likely prospect, although it will need the
demonstrates the extent states – Denmark, Finland and Sweden – are. The support of the European Council and the Euro-
of EU ambitions on Arctic Council is chaired by Russia, and Moscow pean Parliament to become a reality, and this is
climate change. may see the EC’s strategy as an encroachment on far from assured.
its sphere of influence.
“The EU is committed to ensuring that oil, Russian impact
coal and gas stay in the ground, including in the Speaking on October 13, Russian President
Arctic regions,” the EC said, while conceding Vladimir Putin dismissed that the proposed ban
that the EU already imports significant volumes would hurt Russia, suggesting instead it might
of oil and gas from Arctic fields in Russia and even benefit it.
Norway. “If such decisions lead to a certain price

P4 www. NEWSBASE .com Week 42 20•October•2021