Oslo – To support its budget and military assistance to Ukraine amidst the Russian invasion over the next two years, the European Commission is contemplating utilizing part of the frozen Russian assets to grant Kiev a loan of 140 billion euros.
Ukraine would only be required to repay this loan if Russia compensates it with war reparations.
This proposal is met with significant opposition from Belgium, where a majority of these funds are held, as there are concerns about being isolated if issues arise.
Two Norwegian economists have argued that Norway, a key hydrocarbon producer that has profited from rising gas prices due to the war, should act as a guarantor for the loan.
Finance Minister and former NATO Secretary General Jens Stoltenberg responded, “Some ideas have circulated suggesting that Norway would guarantee the entire amount (…), that is out of the question. But whether we can, in some capacity, contribute remains to be seen based on what the EU proposes.” (November 12, 2025)













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