Norway excludes being the sole guarantor of a potential loan to Ukraine that would rely on frozen Russian assets, but could contribute depending on the solution chosen by the European Union, its Finance Minister said on Wednesday.
Jens Stoltenberg, Norwegian Minister of Finance and former Secretary General of NATO. (Photo: SIMON WOHLFAHRT / AFP)
Oslo – In order to finance its budgetary and military support to Ukraine in the face of the Russian invasion over the next two years, the European Commission is considering using part of the frozen Russian assets to provide Kiev with a loan of 140 billion euros.
Ukraine would only repay this loan if Russia paid it war reparations.
This solution faces particular resistance from Belgium, where most of these funds are located, and which fears being left alone on the front line in case of problems.
Arguing that the Scandinavian country, a major producer of hydrocarbons, has significantly enriched itself due to the surge in gas prices caused by the war, two Norwegian economists have suggested that Norway act as a guarantor for such a loan.
“Some ideas have circulated suggesting that Norway would guarantee the entire amount (…), that is out of the question,” reacted Finance Minister and former NATO Secretary General Jens Stoltenberg. “But whether we can, in one way or another, make a contribution, that remains to be examined based on what the EU proposes,” he said. (November 12, 2025)
