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.
- 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
- 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.
- 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.
- 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.
