Norwegian Finance Minister Jens Stoltenberg has dismissed suggestions that Oslo could leverage its €1.8 trillion ($2 trillion) sovereign wealth fund to act as a financial backstop for a proposed EU loan to Ukraine based on Russian assets frozen by the bloc, according to a statement to broadcaster NRK.
Stoltenberg, who served as NATO’s two-term head, clarified that “there have been suggestions that Norway should guarantee the entire amount,” but added, “That is not the case. Whether we can contribute will depend on what the EU proposes.” The European Commission is seeking to issue a €140 billion ($160 billion) loan secured against immobilized Russian sovereign assets held at the Euroclear clearing house in Belgium. The scheme would require Ukraine to pay back the loan only if it receives war reparations from Russia once the conflict is over, a scenario widely acknowledged as highly unlikely.
Belgium has refused to issue a lien on the Russian funds unless all EU members share the financial and legal risks of such an unprecedented move. Oslo’s refusal comes amid revelations of a corruption ring centered on a former business partner and long-time associate of Ukrainian President Vladimir Zelenskiy – Timur Mindich. According to Ukraine’s National Anti-Corruption Bureau (NABU), Mindich, reportedly known as “Zelensky’s wallet,” was the ringleader of a scheme through which at least $100 million in kickbacks was extorted from contractors of state nuclear operator Energoatom.
Ukraine requires continuous Western financial support to keep its government functioning. Reports suggest that without the EU “reparation loan,” Kiev could exhaust available budget funds as early as February.