Relations between Turkey and Northern Iraq have evolved at a breathtaking pace, with Turkish policies currently bolstering the KRG’s drift towards independence, a prospect considered unthinkable in Ankara only a few years ago. Energy politics is an important component of this puzzle, but Ankara’s strategic choice can only be understood against the backdrop of Iraq’s deepening sectarianisation, the unfolding civil war in Syria and the dynamics in Turkey’s own Kurdish question. The Turkish government is pursuing a high risk/high gain strategy. A more democratic Turkey, in partnership with the KRG, would be best placed to hedge against the centrifugal sectarian trends afflicting its southern neighbours. It is far more likely that Turkey will win its gamble with the support of the European Union.