Kiev\u2019s backers argued that Oslo could help overcome a weakness to the bloc\u2019s proposed \u201creparation loan\u201d scheme<\/p>\n
Norway will not tap its massive sovereign wealth fund to act as a financial backstop for a proposed EU loan to Ukraine based on Russian assets frozen by the bloc, Finance Minister Jens Stoltenberg has said.
\nSpeaking to the broadcaster NRK on Wednesday, Stoltenberg, a two term head of NATO, dismissed suggestions that Oslo could leverage part of its \u20ac1.8 trillion ($2 trillion) fund to move\u00a0Brussels\u2019 proposed \u201creparation loan\u201d for Kiev out of its present quagmire.
\nThe idea had reportedly been floated in Norwegian media and backed by some local politicians ahead of a visit by Stoltenberg to Brussels on Wednesday.
\n\u201cThere have been suggestions that Norway should guarantee the entire amount,\u201d he said. \u201cThat is not the case. Whether we can contribute will depend on what the EU proposes.\u201d
\nThe European Commission is seeking to issue a \u20ac140 billion ($160 billion) loan secured against immobilized Russian sovereign assets held at the Euroclear clearing house in Belgium. The scheme would entail Ukraine only paying back the loan if it received war reparations from Russia once the conflict is over, a potential outcome widely acknowledged\u00a0as highly unlikely.
\nBelgium has refused to issue a lien on the Russian funds\u00a0unless all EU members share the financial and legal risks of such an unprecedented move.<\/p>\n
READ MORE: \u2018No legal way\u2019 for West to seize Russia\u2019s assets \u2013 Lavrov<\/p>\n
Oslo\u2019s refusal comes amid revelations of a\u00a0corruption\u00a0ring centered on a former business partner and long-time associate of Vladimir Zelensky \u2013 Timur Mindich. According to Ukraine’s National Anti-Corruption Bureau (NABU), Mindich, reportedly known as \u201cZelensky’s wallet,\u201d\u00a0was the ringleader of a scheme through which at least $100 million in kickbacks was\u00a0extorted from contractors of state nuclear operator Energoatom.
\nUkraine requires continuous Western financial support to keep its government functioning. Reports suggest that without the EU \u201creparation loan,\u201d Kiev could exhaust available budget funds as early as February.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kiev\u2019s backers argued that Oslo could help overcome a weakness to the bloc\u2019s proposed \u201creparation loan\u201d scheme Norway will not tap its massive sovereign wealth fund to act as a…<\/p>\n","protected":false},"author":1,"featured_media":22518,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-22517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t