Spain touts resilience amid Iran war, Trump trade tensions
Wind turbines operated by Gamesa Eloica SA near Zaragoza, Spain, on Wednesday, March 25, 2026. Renewables are helping to cushion the blow of rising oil and gas prices in Europe.
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Spanish Economy Minister Carlos Cuerpo praised the country’s energy resilience to the Iran war, saying a shift to solar and wind energy had spared Madrid from the worst effects of the resulting energy shock.
His comments come as the Spanish government has emerged as a leading critic of the European Union of the US-Israeli war against Iran and Prime Minister Pedro Sánchez has described the ongoing Middle East crisis as a “disaster”.
US President Donald Trump committed to It decided to cut off trade with Madrid after Spain prevented two jointly operated bases on its territory from being used in attacks against Iran.
Speaking to CNBC’s Karen Tso on Thursday, Cuerpo said that Spain was better prepared for this crisis, noting that the country has been the fastest-growing developed economy in Europe in the last few years.
Cuerpo stated that Spain created 40% of all new jobs in the euro zone last year, and that in terms of budget, the country’s debt has almost returned to pre-Covid levels.
“We are also more prepared in terms of energy because we followed our agenda on renewable energy,” Cuerpo said in his speech on the sidelines of the IMF and World Bank Group Spring Meetings held in Washington this week. he said.
Spain’s dependence on gas for electricity prices has fallen from 75% in 2019 to just 16% this year, Cuerpo said. “So this increases our energy sovereignty and reduces shock exposure,” he added.
But Cuerpo acknowledged that citizens and businesses are still suffering the consequences of the Iran war due to high fuel and fertilizer prices.
Analysts have pointed to Spain as a prime example of how countries have been able to limit their exposure to fluctuations in fossil fuel prices in recent weeks.
Spain, along with Portugal and some Nordic countries, are among the countries that have recorded the lowest gas prices in the 27-nation bloc since the start of the Middle East conflict.
Spanish Prime Minister Pedro Sánchez (right) and Ukrainian President Volodymyr Zelensky (left) meet at Moncloa Palace in Madrid, Spain, on March 18, 2026.
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Spain’s renewable energy push is not immune from criticism. In fact, the country’s government was harshly criticized following last year’s catastrophic power outage. The blackout, which some US lawmakers blamed on Spain’s green agenda, was one of Europe’s worst in memory.
The Spanish government later denied that renewable energy was responsible for the power outage, and a report by Entso-e investigating the root cause of the April 2025 incident was later published. to create He said there was no single cause and instead a combination of “many interacting factors” that led to the outage.
Spain’s anti-war stance
Speaking with German Chancellor Friedrich Merz last month, Trump vowed to cut trade relations with Spain, saying the White House wanted nothing to do with the country.
The US president also repeatedly criticized Madrid for rejecting meetings on NATO defense. Spending target of 5 percent of gross domestic product.
But given that 27 EU countries are collectively negotiating trade deals, Trump’s threat to punish Spain on trade is said to be formidable.
When asked about Spain’s anti-war stance and Trump’s trade threats, Cuerpo said: “Spain did not want to participate in this one-sided conflict that was outside international law. In fact, that’s what we did.” he said.
“We are not alone in this position against the current situation and Iran’s participation in the war, many other European countries and our partners have expressed a very similar position.” he continued.
“And when it comes to trade relations with the US, Spanish companies operate in exactly the same environment as French, German or Italian companies, because we have a unique trade relationship. I mean within the EU in relation to the US, and we are trying to maintain an agreement that we signed last August, and in fact we need to put all our efforts there to be able to fulfill this agreement and be successful.”
