Norway has rejected being the sole guarantor of a potential €140 billion loan to Ukraine funded by frozen Russian assets, though it may contribute, depending on the European Union's final proposal, its Finance Minister Jens Stoltenberg said on Wednesday.
The European Commission is considering using a portion of frozen Russian assets to finance Ukraine's budgetary and military support over the next two years as it continues facing Russian aggression.
With most of Russia's frozen assets held at Brussels-based company Euroclear, Belgium has opposed the move, fearing being held solely accountable if issues arise. Two Norwegian economists have suggested that Norway, a major oil and gas producer that has benefited significantly from higher energy prices since the start of the war, should act as guarantor for the loan.
The proposal has drawn some support from Norwegian and international politicians, diplomats, and commentators. Earlier, Euractiv reported that five Norwegian political parties, including three backing Labour Prime Minister Jonas Gahr Støre's next government, have urged Oslo to step in to overcome Belgium's concerns.
However, Stoltenberg said, "It would be wrong to dismiss anything before seeing the proposal, but there have been ideas suggesting that Norway guarantees the entire amount - that is out of the question."
He added that Norway's potential contribution will be considered once the EU clarifies its proposal, speaking to broadcaster NRK during a visit to Brussels for a meeting with his European counterparts.
Stoltenberg emphasised that discussions within the EU regarding this scheme are still ongoing.
Norway, a NATO member sharing a border with Russia in the Arctic, is not part of the EU but has so far aligned closely with Brussels on the issue of Ukraine.
