Norwegian Prime Minister Jonas Gahr Store in Copenhagen, October 2, 2025. SERGEI GAPON / AFP
Could Norway be the key? As European countries search for ways to continue financially supporting Ukraine, the idea of tapping into Norway's immense oil fund has gained traction in Oslo. Although the government, led by Labour Prime Minister Jonas Gahr Store, has not yet put forward such a proposal, a majority of parties in the Norwegian parliament expressed willingness to back the initiative.
Brussels is working on a plan – dubbed the "reparations loan" – which is still fragile, but the Norwegian option could lend it credibility. The European Commission is considering using assets from Russia's central bank that were frozen across Europe to lend €140 billion to Kyiv. However, in order to do so, the Commission must be able to offer solid guarantees to Euroclear, the Belgian financial institution holding most of these assets, so that Euroclear can be confident of being reimbursed if the Russian funds were ever returned to Moscow.
For example, all it would take is for Hungary, led by the staunchly pro-Russian Prime Minister Viktor Orban, to oppose the renewal of sanctions – reviewed every six months – for those assets to be released back to Russia. At this stage, Belgium considers assurances from the European Commission inadequate and refuses to get involved in a structure that could end up costing it dearly. This is where Norway's idea becomes attractive, as it would provide the necessary guarantees.
