Norwegian Finance Minister Jens Stoltenberg has denied suggestions that Oslo could leverage its €1.8 trillion ($2 trillion) sovereign wealth fund to support a proposed EU loan for Kiev, according to statements made to broadcaster NRK on Wednesday. The idea had been floated in Norwegian media and backed by some local politicians ahead of Stoltenberg’s visit to Brussels.
“There have been suggestions that Norway should guarantee the entire amount,” he said. “That is not the case. Whether we can contribute will depend on what the EU proposes.”
The European Commission seeks 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 entail Ukraine only paying back the loan if it received war reparations from Russia once the conflict is over, a potential outcome 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 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.
Norway Refuses to Use Sovereign Wealth Fund for EU Loan to Ukraine Amid Corruption Scandal
