OSLO, March 6 (Reuters) - Prime Minister Jonas Gahr Stoere of Norway called for increased financial aid and higher defense spending, stating that the country is currently facing its most severe security crisis in 80 years.
Norway, home to the world's largest sovereign wealth fund valued at $1.8 trillion, has experienced a surge in revenue from gas sales to Europe due to Russia's 2022 Ukraine invasion. Consequently, there is mounting pressure domestically and internationally for Norway to expand its assistance.
Stoere's initiative reflects a broader trend among European nations to bolster defense budgets and demonstrate solidarity with Ukraine following uncertainties arising from former President Donald Trump's stance towards Kyiv and European NATO allies.
Addressing parliament, Stoere emphasized that Norway now confronts "the most serious security situation for our country since World War II."
Last year, parliament approved spending 35 billion crowns ($3.22 billion) on military and civilian aid for Ukraine in 2025, as part of the Nansen program. This commitment was increased to a total of 155 billion crowns from 2023 to 2030.
Recent discussions among Norwegian politicians have focused on increasing support for Ukraine, given the diminishing U.S. support for Kyiv, while neighboring countries like Sweden and Denmark have shown solidarity of their own.
Stoere, representing the ruling Labour Party, urged political parties to reach a consensus on a substantial increase in funding this year to bolster Ukraine's military capabilities.
During Stoere's speech in parliament, a group of six Ukrainian lawmakers were present in the gallery. Volodymyr Kabachenko of the opposition Batkivshchyna party expressed appreciation for Norway's actions and encouraged further support, highlighting Norway as a European nation capable of providing aid from its own resources rather than relying on debt.
Kabachenko stated, "If Norway wants to secure the lives of its own citizens, the only right thing to do is to provide Ukraine with money, and we will be fighting on behalf of Ukraine, Europe, and Norway."
In 2023, Norway's wealth fund received record inflows of 1.1 trillion crowns from oil and gas revenues, amounting to approximately $100 billion – nearly three times the previous record set in 2008.
Named after Nobel Peace Prize laureate Fridtjof Nansen, the Nansen program is Norway's bipartisan bilateral aid initiative for Ukraine.