Norway Debates Wealth Fund Role in EU's Ukraine Aid Plan

Norway might support the EU's scheme using frozen Russian assets for Ukraine. However, Norway's sovereign wealth fund, worth over $2 trillion, won't be the exclusive financial backstop. Norway already aids Ukraine significantly but refrains from guaranteeing the entire fund amount of 1.6 trillion Norwegian crowns.

Norway may back an EU plan to leverage frozen Russian assets to aid Ukraine. Yet, the country will not utilize its sovereign wealth fund as the sole financial support, according to Finance Minister Jens Stoltenberg.

As EU finance ministers convene to identify methods to generate approximately 130-140 billion euros for Ukraine, a senior EU official hinted at using frozen Russian assets, but the idea faces resistance, especially from Belgium.

Norway, contributing substantially to Ukraine's cause, will not provide a unilateral financial guarantee. With a wealth fund of over $2 trillion, Norway emphasizes the fund's rule of limiting expenditure to its expected 3% inflation-adjusted return.

(With inputs from agencies.)