Norway is considering tapping its sovereign wealth fund to dramatically increase its support for Ukraine amid signs that US military backing is waning. Europe is in crisis mode after a bitter clash between Trump and Zelenskyy at the White House, and the Trump administration is reportedly considering cutting off all military supplies to Ukraine. Norway is sitting on €1.7 trillion in the world’s largest sovereign wealth fund, including an estimated €109 billion in war-related profits from increased gas prices in 2022 and 2023. The Nordic country has so far spent €3.35 billion on support to Ukraine - an amount described on Thursday as “pathetic” and “reprehensible” by the editors of major Swedish and Danish newspapers, whose countries, according to the same data, have contributed €5.41 billion and €8.05 billion respectively. “Norway is one of the few countries that has large amounts of money readily available, and we must therefore multiply our support for Ukraine immediately,” Liberal Party leader Guri Melby said on Saturday.
Use it to make a minerals deal with Ukraine, in lieu of the US. That would discredit Trump, and allow for a lasting trade relationship long after the war is over.
The leader of the Greens, who are currently polling at 2.7%, reiterated their proposal that Norway should pledge €85.5 billion to Ukraine.
This is unlikely to go through, but it’s very nice to see the green pushing boundaries, that absolutely can be pushed if there’s a political will to do it.
That amount is HUGE!! And alone would almost match USA total contribution throughout the war, both civil and militarily.Norway is among the largest donors to Ukraine. We have so far committed at least NOK 167 billion (€14.7 billion) in support until 2030,
So Norway has already decided to give more than they did in the past.
We currently have a proposal in the Storting to increase support by 100 billion Norwegian kroner this year," Sveinung Rotevatn, deputy chair and responsible for financial policy in the Liberal Party, told Euractiv.
This is equivalent to €8.6 billion, this is a very big donation when seen per capita, although Norway is very rich, Norway is still a relatively small country.