Norway PM says oil profits to fund more aid to Ukraine

COPENHAGEN, Denmark (AP) — Prime Minister Jonas Gahr Støre of Norway said Thursday that the oil-rich Scandinavian country will become one of the world’s top donors to Ukraine when his two-party center-left government presents another planned military and civilian aid package.

Norway’s profits from oil will finance the additional aid, and there will be a temporary increase in the use of oil money, Gahr Støre told the Norwegian parliament. He did not reveal how large the contribution will be, but he said the government would make it soon.

“We are in a situation where we have room for action due to extraordinary income from the petroleum sector,” said the prime minister, who leads Norway’s Labor Party. He said the aid would be arranged in a way that has very little impact on the level of activity in the Norwegian economy.

Norway is one of Europe’s largest fossil-fuel exporters, and the conflict in Ukraine has boosted its gas revenues. However, Norway has fended off accusations that it's profiting from the war in Ukraine. Last year, the country gave Ukraine more 10 billion kroner ($1 billion) in civilian and military aid.