Norway is considering tapping its sovereign wealth fund to dramatically increase its support for Ukraine amid signs that US military backing is waning. Europe is in crisis mode after a bitter clash between Trump and Zelenskyy at the White House, and the Trump administration is reportedly considering cutting off all military supplies to Ukraine. Norway is sitting on €1.7 trillion in the world’s largest sovereign wealth fund, including an estimated €109 billion in war-related profits from increased gas prices in 2022 and 2023. The Nordic country has so far spent €3.35 billion on support to Ukraine - an amount described on Thursday as “pathetic” and “reprehensible” by the editors of major Swedish and Danish newspapers, whose countries, according to the same data, have contributed €5.41 billion and €8.05 billion respectively. “Norway is one of the few countries that has large amounts of money readily available, and we must therefore multiply our support for Ukraine immediately,” Liberal Party leader Guri Melby said on Saturday.
Very nice, exactly the signal The Free World needs now. Now, that the previous leader vanished in a puff of Kreml propaganda.
It’s now more than ever at stake wether Ukraine can fend off the invasion (the outcome of which is another signal to autocrats eyeing future invasions, for example Taiwan, Transnistria*). It’s a question.
One answer, one possible scenario is that each individual EU country feels overwhelmed to shoulder the additional burden. Or that the Union cannot muster enough support to replace the U.S. This scenario can be self-reinforcing. If it seems likely that the combined response would still be insufficient, a plausible outcome is everybody holding back, which already would favor the Russian aggression.
So this is why I want to highlight how much good news this is, because it’s exactly the opposite kind of example. Literally stepping up.
*) Transnistria: Edited thanks to a comment, original wrongly said ‘Tasmania’.
Wait, what? What autocrat is eyeing Tasmania?
End Kiwi expansionism!
Oops, thanks. Meant Transnistria (to which the answer would be Putin, although I guess you would not have asked if I had not made that mistake). Sometimes, the letters in the middle of a word do seem to matter.
Ah, that makes much more sense.
Increasing aid to Ukraine has been heavily debated in EU, and they’ve come up with ways to increase funding in general from EU countries. And they have already messaged solidarity in increased aid.
The meetings in Paris led by Macron and today in London led by Starmer are obviously about how to help Ukraine more. And apart from European countries, they also Included Canada with Trudeau.
Whether we can compensate completely for the lack of US aid remains to be seen, but it seems clear that there is a very strong political will among Ukrainian allies to do so.