Norway’s €1.8 Trillion Fund Poised to Break Deadlock Over Russian Assets
Norway is exploring ways to help break the deadlock over transferring frozen Russian assets to Ukraine.
The Gaze reports this, referring to The Sunday Times.
According to the outlet, Oslo is in talks with EU partners about joining a plan to raise more than €100 billion in military and financial support for Kyiv.
Norway is considering offering collateral worth €100 billion from its Sovereign Wealth Fund, the world’s largest, valued at around €1.8 trillion, to guarantee the so-called “reparation loan.”
The initiative aims to use Russia’s immobilized state assets as security for a €140 billion loan that would sustain Ukraine’s economy and reconstruction efforts.
However, Belgium, where the Euroclear financial institution holds the bulk of Moscow’s frozen funds, has opposed the plan, warning of potential legal and financial risks, including lawsuits from Russia.
EU officials say that without strong guarantees, such as Norway’s participation, it will be difficult to secure investor confidence. Kyiv’s urgent need for financing and the risk of future non-repayment have made some European states cautious.
Norway, enriched by record energy revenues following Russia’s 2022 invasion of Ukraine, earned more than €109 billion in gas profits over 2022–2023. Its robust fiscal position gives it the means to play a decisive role in shaping an international reparations mechanism.
If Oslo formally agrees to back the initiative, analysts say it could mark a historic breakthrough, creating the first credible path toward redirecting Russian profits and assets to compensate for war-related destruction in Ukraine.
The European Commission, meanwhile, is weighing a combination of joint EU borrowing and bilateral grants to cover Ukraine’s financing gap. Belgium’s Prime Minister Alexander De Croo has warned that he will block any reparations loan unless other member states share the legal burden.
Outside Belgium, about €25 billion in Russian sovereign assets are believed to be held across Germany, France, and Luxembourg. EU policymakers insist that unlocking these funds, or the income they generate, is vital to sustaining Ukraine’s economy and ensuring its long-term resilience.
As The Gaze reported earlier, the European Commission has confirmed that the main focus of financial support for Ukraine for 2026–2027 is on the possibility of using frozen Russian assets.
Read more on The Gaze: Belgium’s Cautious Stance on Russian Assets: Legal Paths to a Reparations Loan for Ukraine Remain Open