Is Norway profiting from the war in Ukraine? Since the start of the Russian invasion in February 2022, suspicions have persisted. At the center of the debate are the substantial profits generated by the Scandinavian country due to soaring gas prices, which made it Europe’s leading gas supplier, following the embargo on Russia. In early January, criticism resurfaced, this time from Denmark, one of Ukraine’s largest aid donors, which believes its neighbor is not doing enough. Several Norwegian economists share this view.
The charge was led by Denmark’s center-left newspaper Politiken. In an editorial on January 14, the paper’s editor-in-chief, Christian Jensen, asked: “Dear Norway, how can you finally look yourself in the eye?” He highlighted that in 2024, Oslo granted the equivalent of 17 billion Danish kroner (€2.3 billion) in aid to Ukraine. Copenhagen, meanwhile, contributed 27 billion Danish kroner, despite not having access to the immense financial cushion of Norway’s oil fund, valued at nearly 20,000 billion Norwegian kroner (€1.7 trillion). According to Germany’s Kiel Institute, Norway ranks ninth among donor countries (as a proportion of its GDP), far behind Denmark, second only to Estonia.
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Publish date : 2025-01-23 17:21:00
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