Norway has sent nearly a dozen ministers to Brussels this year to pressure the EU into lifting its 2021 Arctic drilling moratorium amid a growing energy supply crisis.

Scandinavian financial institutions are urging the European Commission to maintain its opposition to Arctic oil drilling even as Europe faces worsening oil supply pressures.

The appeal sent to the European Commission cites environmental concerns and security risks if the EU decides to lift the ban on oil and gas drilling in the Arctic. Instead, EU…