EU lawmakers urge Norway to boost Ukraine aid amid energy windfalls

Members of the European Parliament have called on Norway to increase its financial support for Ukraine, arguing that the country’s elevated revenues from oil and gas exports amid current market conditions should be directed more strongly toward aid efforts.

Lawmakers said that recent developments in the global energy market have created “new financial opportunities” for Norway, which they believe should be used to bolster support for Kyiv, NRK reports.

Swedish MEP Karin Karlsbro stated that countries with the capacity to increase assistance should do so, given rising energy prices and the continued economic strain on Ukraine.

German Group of the Greens MEP Rasmus Andresen proposed examining additional taxation on windfall profits earned by oil and gas companies, including Norway’s Equinor.

Responding to the calls, Norwegian Finance Minister Jens Stoltenberg said the situation is more complex than simply increased oil and gas revenues. He noted that higher energy prices are accompanied by a decline in the value of assets held by Norway’s Government Pension Fund, which is invested in thousands of companies worldwide.

He stressed that Norway’s sovereign wealth fund is significantly larger than the remaining value of its oil and gas reserves, adding that global instability could have a greater impact on its long-term returns than short-term gains from elevated commodity prices.

Stoltenberg also emphasized that Norway is already providing Ukraine with aid that exceeds the European average by more than ten times relative to the size of its economy.

By Vafa Guliyeva