Norwegian Finance Minister Jens Stoltenberg announced that his country supports the EU’s plan to use frozen Russian assets to assist Ukraine. However, he emphasized that Norway’s sovereign wealth fund — one of the largest in the world — will not serve as the sole financial backstop for the project.

EU finance ministers will meet on Thursday to discuss a proposal that could bring Kyiv between €130 and €140 billion. The money could come either from loans or, more likely, from proceeds generated by the frozen Russian assets. Belgium, home to Euroclear, which holds most of these assets, has voiced objections, fearing potential legal consequences.

To resolve the deadlock, some members of Norway’s parliament suggested that the country could offer a guarantee through its sovereign wealth fund. The fund, the largest in the world with assets exceeding $2 trillion, is a cornerstone of Norway’s economic stability.

Stoltenberg rejected the idea, noting that while Norway already contributes significantly to Ukraine’s support and could take part in a joint European mechanism, it cannot guarantee the entire amount alone. “There have been proposals that Norway should guarantee around 1.6 trillion Norwegian crowns, but that’s not an option,” he told public broadcaster NRK during a visit to Brussels.

Norway’s sovereign fund, built from oil and gas revenues, invests in foreign equities, bonds, and real estate. Its value equals roughly four times the country’s annual GDP, making Norway one of the most influential investors in global financial markets.

Under Norway’s fiscal rules, the government can spend only the expected inflation-adjusted return of the fund each year — about three percent of total assets. This strict limit is key to the country’s long-term financial sustainability and a major reason why Norway refuses to risk its fund’s stability for European financing plans.

(reuters, lud)