Norway Pledges €340 Million to Bolster Ukraine's Energy Sector Amid Ongoing Conflict

Norway has announced €340 million in emergency funding to support Ukraine's energy sector and sustain critical services. This is part of a broader €85 billion aid package for Ukraine, addressing both military and civilian needs. Norwegian funds aim to bolster energy security amidst frequent Russian attacks.

On Monday, Norway revealed it is directing €340 million ($397 million) to aid Ukraine's embattled energy sector and ensure the continuation of essential services. This funding is a component of a larger support initiative for Ukraine, projected to disburse in 2026, amid ongoing Russian aggression.

Late last year, the Norwegian parliament committed 85 billion crowns ($8.45 billion) in aid for Ukraine. This package allocates 70 billion crowns to military support and 15 billion crowns to civilian causes, focusing on energy security, budget support, reconstruction, and humanitarian assistance. Additional provisions address business development, civil society, governance reforms, and support for Moldova.

European nations are uniting to bolster Ukraine's defense against Russia, with EU leaders recently approving a €90 billion loan package. The conversion rates stand at $1 equating to 10.0651 Norwegian crowns and 0.8560 euros, respectively.

(With inputs from agencies.)