Norway provides significant aid to Ukraine but profits from war-driven revenues

Former senior economist at the World Bank, Harvard University’s Havard Halland, shared his opinions in the Strategist, an Australian outlet.

After gas prices soared due to Russia’s invasion, Norway made an estimated €108 billion in extra revenue — more than all U.S. and German aid to Ukraine combined. Yet, its 2025 budget allocates just €3 billion to Ukraine. “This approach is simply wrong,” he argues, calling for Norway to transfer its windfall in full.

Prime Minister Jonas Gahr Støre and Finance Minister Trygve Slagsvold Vedum defend their stance, saying the profits result from normal market forces. They also claim Norway helped Europe by increasing gas supplies after Russia cut exports. But critics call this argument hypocritical, as Norway benefited while offering Ukraine minimal support.

Higher gas prices acted as a “Norwegian war tax” on European consumers, straining their ability to fund Ukraine’s war effort. Meanwhile, Norway channeled its gains into its sovereign wealth fund rather than aiding Ukraine. 

"After all, what could harm future generations of Norwegians more than the failure to preserve democracy, freedom, and the rule of law in Europe?" the article questions.

Norway enriched itself through direct investments, Equinor dividends, and oil taxes, yet refuses to use these gains for Ukraine’s defense and reconstruction. Critics argue that Norway, despite staying out of the EU, is part of Europe and should act accordingly — before it’s too late.