One beneficiary of the wars in Ukraine and Iran has been Norway, as it has stepped in to supply oil and gas to the European Union, as Russia was hit with sanctions. The profits the country earns from its energy exports go largely to the Norwegian sovereign wealth fund, the world’s largest sovereign wealth fund, which has even invested in Hungarian companies.
Russia’s share of the EU gas market was still around 45 percent in 2021, before its attack on Ukraine. That share fell to 13 percent last year. Its 27 percent share of the oil market in 2021 has fallen to below 3 percent, writes “Világgazdaság.”
Norway supplied about 24 percent of the EU’s gas needs in 2021, making it the second-largest supplier behind Russia. But in 2025, it overtook Russia for first place, with 31 percent. Within this, Norway’s share of pipeline gas imports reached 54 percent, which amounted to 86 billion cubic meters.
Oslo’s role in oil has similarly strengthened: in 2024, it accounted for 13.5 percent of the EU’s crude oil imports, and by the third quarter of 2025, its share had increased to 14.6 percent. It is worth mentioning that the EU’s direct imports of Russian oil have decreased to almost zero due to sanctions.
One loophole did exist, since closed by Brussels. India was buying cheap Russian crude oil, refining it into diesel and kerosene, and then exporting these fuels to Europe. As of January, such products of Russian origin are banned.
The Norwegian budget, in turn, has profited handsomely, setting a record in 2022: oil and gas revenues alone brought 1.45 trillion kroner (€190 billion) to the state treasury, and the total budget surplus reached 26 percent of GDP, or 1.46 trillion kroner.
Prices subsequently fell, but in 2024, the state budget still saw a surplus of 688 billion kronor. Now, due to the U.S.-Israeli attacks on Iran, prices are rising once again.
The Norwegian government established its sovereign wealth fund in 1996 to collect revenues from oil and gas production in the North Sea. The fund invests these funds in stocks, bonds, real estate, government securities and green energy projects around the world.
The fund’s assets are managed by the Norwegian central bank, Norges Bank, and its investment strategy is determined by the Ministry of Finance, but significant changes require parliamentary approval. It currently holds stakes in thousands of companies in 68 countries around the world, and holds about 1.5 percent of all listed shares globally.
Its assets under management exceed 21.2 trillion Norwegian kroner (€2.84 trillion). Hungary has not escaped the fund’s attention either: it has stakes in several properties in Budapest and has invested in a total of eight Hungarian companies, including: 0.67 percent of OTP, 1.98 percent of Gedeon Richter and 2.4 percent of Wizz Air
Világgazdaság also notes that despite having one of the world’s largest oil and gas reserves, Iran’s exports have remained limited due to sanctions and domestic demand. Iran’s shadow fleet has mainly shipped oil to China, while natural gas is almost exclusively for domestic consumption.
