Norway won't use sovereign wealth fund for EU credit guarantees to Ukraine
Photo: Norwegian Minister of Finance Jens Stoltenberg (Getty Images)
Norway may support the European Union's plan to provide Ukraine with a so-called reparations loan, but it will not use its sovereign wealth fund to guarantee it, said Norway's Finance Minister Jens Stoltenberg.
Stoltenberg explained that Norway, while not an EU member, already provides significant financial support to Ukraine. He noted that Norway could potentially participate in the EU's credit plan for Ukraine, but it does not intend to guarantee the full amount on its own.
He added that there had been proposals suggesting Norway should guarantee the entire sum - 1.6 trillion Norwegian kroner (about $159 billion). However, he said this was not a viable option.
Stoltenberg emphasized that any decision would depend on the EU’s final conclusion regarding the loan and that it is too early to discuss concrete plans.
Earlier, on November 5, it was reported that five political parties in Norway had called for the country to help Kyiv secure a €140 billion EU loan. According to the politicians' proposals, Norway could use its €1.8 trillion sovereign wealth fund to guarantee the credit.
The reparations loan for Ukraine: what is known
The European Commission recently proposed providing Ukraine with a loan funded by Russian sovereign assets frozen in the EU at the start of the full-scale war.
Most of Russia’s assets are held in the Belgian Euroclear depository. Belgium has so far been the main obstacle, refusing to support the idea of a reparations loan.
The Belgian government has cited standard concerns, including potential legal claims from Russia and the need to ensure cost-sharing if the frozen assets must be returned.
