Norway urged to tap €1.8tn fund to help EU unlock Ukraine loan

Calls are mounting for Norway to use its €1.8 trillion sovereign wealth fund to help move forward the EU’s stalled €140 billion loan for Ukraine, after a Danish newspaper revived a once far-fetched idea during last month’s EU leaders’ meeting.

EU leaders discussed the issue on 23 October at a summit in Brussels, without reaching an agreement, as Belgium insists that other EU countries must share the legal and financial risks associated with the plan before it agrees to proceed. The assets are held by Euroclear, a Brussels-based clearing house.

The comments come as EU countries are eyeing Russian frozen assets rather than their own budgets to meet Kyiv’s financial needs, which the International Monetary Fund estimates are around €55 billion for the next two years.

Brussels intends to present options to finance Ukraine’s needs but will “intensify discussions with like-minded partners and allies … at a later stage”, a European Commission spokesperson told Euractiv.

“Hey, hey you. Yes you who aren’t a full member. Spot us, won’t you? What do you mean it’s for YOUR people?”

This is why Norway should never join the EU. They’ll instantly set their eyes on our oil fund..

The EU should grow a spine.