Norway rethinks €1.7 trillion sovereign fund to boost support for Ukraine.

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 should spend 3% of GDP on defence, currently at around 2%, by 2030, Sylvi Listhaug, leader of the conservative Progress Party, Norway’s second-largest in recent polls, said today.

“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,” a foreign ministry spokesperson told Euractiv.

The long-term nature of the investments is appreciated by Ukraine and NATO allies, the spokesperson added. “For 2025, based on a cross-party agreement in Norway’s parliament, we have so far pledged and allocated 35 billion NOK.”

Source: EURACTIV