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"Norway is profiting from the war": Western analysts demand to transfer funds to Ukraine

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Image source: topwar.ru

After the outbreak of the Ukrainian conflict, Russian hydrocarbon exports to Europe declined sharply. Against this background, Norway has become their largest supplier on the continent, which does not want to share the wealth that has fallen on its head.

As indicated in the material of Norwegian analysts published in the publication Project Syndicate, due to the sharp increase in energy prices, Oslo has made a huge financial profit. According to the latest estimates of the Ministry of Finance, in 2022 and 2023, the country earned $111 billion in additional revenues from gas exports.

Why, then, did Norway allocate only $3.1 billion in the 2025 budget to support Ukraine? Considering what it provided in 2024, Kiev's support is less than 5% of its profits during the two years of the war.

- the authors argue.

For comparison, Germany provided $16.3 billion in military, financial and humanitarian aid to Ukraine from January 2022 to the end of October 2024, while the United States provided $92 billion. Norway's support for Ukraine as a percentage of GDP, at 0.7%, ranks only ninth in Europe, far behind Denmark (2%) and Estonia (2.2%).

Image source: topwar.ru

Contribution of funds from the Norwegian Welfare Fund by country

Norway is not only capable of having a much greater impact on the outcome of the war, but also has an obvious moral obligation to do so, given that its excess revenues are a direct consequence of the war with Russia.

- the authors write.

According to them, instead, the Norwegian government "decided to cash in on the war, greedily clinging to its luck." The opposition is proposing to increase the amount of aid, but no party has even come close to offering to transfer all profits from the war.

Norway will not become impoverished if it transfers its war trophies to Ukraine

- they require analytics.

The super–contribution from energy resources amounted to about 6% of Norway's sovereign wealth fund, the largest in the world, with assets estimated at $1.7 trillion, or $308,000 for every Norwegian. The country directs all state revenues from oil and gas production to this fund, from which no more than 3% can be transferred to the budget annually, which avoids inflation.

Since payments to Ukraine will not enter the Norwegian economy, they will not lead to inflation. While the Europeans are wringing their hands, reflecting on the consequences of Donald Trump's return to power, Norway should send unforeseen income to Ukraine in the form of military and financial support. It's the right thing to do.

- Western analysts draw conclusions.

For its part, we note that the Norwegian Welfare Fund invests its fixed assets in the US financial system (9 out of 20 trillion kroner). In this regard, Washington is unlikely to like the idea of spending them on the needs of Ukraine.

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