"In two years, the EU has phased out most of the fossil energy from Russia, but has increased the import of Russian LNG and nuclear fuel. The Nordics and the Arctic have so many minerals and so much energy that the regions will play central roles in Europe's continued liberation from Russia and China", writes the Danish publication mandagmorgen in an article titled "The Nordics and Arctic have important roles in the energy war with Russia".
Olena Yurchenko, an analyst at the Economic Security Council of Ukraine (ESCU), who participated in a recent conference in Copenhagen, appreciates the support of European, Northern, and Arctic nations in efforts to counter Russian influence.
"When Russia loses revenue from energy exports because the EU no longer wants to buy them, it's good for Ukraine", says Yurchenko.
The EU has significantly reduced its imports of fossil fuels from Russia but still relies on Russian LNG and nuclear fuel. Greenland, with its substantial deposits of rare earth elements, could become a crucial supplier for Europe's "green" transition. Scandinavian countries, including Finland, also have significant resources necessary for the production of "green" technologies.
However, to unlock this potential, the EU needs to:
- Optimize investment opportunities in Scandinavia's mineral extraction;
- Enhance supply chain resilience by diversifying away from reliance on China;
- Develop strategies to mitigate environmental risks linked to mining in Arctic regions.
These conclusions stem from the material "The European Union-Russia energy divorce: state of play" from the Brussels-based analytical center Bruegel, which assesses the outcomes of energy relations between the EU and Russia two years after the shock of Russia's full-scale invasion of Ukraine.
The EU's reduced dependence on Russian energy harms the Russian economy and makes it less capable of waging war. Ukraine supports any contributions from European, Northern, and Arctic countries in weakening Russia, which will be one of the results of cooperation between the EU, Scandinavia, and the Arctic, besides the successful "green" transition of Europe and strengthening its energy security.
This cooperation may include joint investments in research and development of "green" technologies, infrastructure development for energy resource transportation, and forging new partnerships in the energy sector.
Scandinavia and the Arctic hold significant potential to help Europe become more resilient and independent. Through joint efforts, Europe can overcome the challenges posed by Russia's war in Ukraine and build a new, safer, and more environmentally friendly future.