Norway on Wednesday ruled out serving as the sole guarantor for a proposed European Union loan to Ukraine using frozen Russian assets, though officials said Oslo may consider contributing depending on the final mechanism Brussels adopts.
The European Commission is weighing a plan to use proceeds from Russia’s frozen assets — held since Moscow’s 2022 invasion of Ukraine — to fund a $162 (€140 billion) interest-free loan to Kiev, aimed at supporting Ukraine’s budget and military needs over the next two years.
The proposal has drawn resistance from Belgium, where Euroclear, the international securities depository holding most of the frozen assets, is based. Brussels has expressed concerns about possible Russian retaliation and legal risks.
‘Discussions are still ongoing’
Some Norwegian economists have argued that Norway, Western Europe’s largest oil and gas exporter, should act as guarantor for the loan, citing the country’s estimated €109 billion in extra revenue from soaring gas prices since the war began.
The idea has gained traction among several Norwegian and foreign politicians, diplomats, and commentators.
However, Finance Minister Jens Stoltenberg dismissed suggestions that Norway could underwrite the entire loan.
“It would be wrong to rule out anything before we’ve even seen the proposal, but some ideas have circulated under which Norway would guarantee the entire amount… That is out of the question,” Stoltenberg told public broadcaster NRK from Brussels, where he was meeting European counterparts.
He added that Oslo’s potential involvement would depend on the EU’s final proposal, noting that “discussions are still ongoing within the Union.”
While not an EU member, Norway, a NATO ally sharing a border with Russia in the Arctic, remains closely aligned with Brussels on most policy issues related to the war in Ukraine.
