The war in Ukraine has severely depleted the country's resources. Ukraine's imports, especially of equipment and raw materials, have soared, while many Ukrainians are engaged in defense and cannot contribute to export activities.
This has made Ukraine increasingly dependent on financial support from its partners. One proposed option is to channel funds using frozen Russian assets. However, Belgium, which holds a significant portion of these assets, has set strict conditions for their use.
Meanwhile, Norway has profited from gas sales since the war's start and is considering whether to act as guarantor for a major loan to Ukraine. Norway's Government Pension Fund, valued at over €1.7 trillion, could be key to unlocking large-scale aid. The proposal has support from several political parties in Norway's parliament, but the government remains cautious, awaiting decisions from the EU.
The issue involves both moral and pragmatic elements: helping Ukraine may bolster Europe's security and stability. At the same time, Norway's government adheres to fiscal rules, including a limit of spending no more than 3% of the fund's value per year.
If successful, Norway would demonstrate European solidarity without formal EU membership, and Ukraine would receive much-needed funds. The final decision will depend on further negotiations between European countries and political dynamics in Oslo.
