Norway is getting richer by the minute, but the Prime Minister insists it is not a ‘war profiteer’

Norway has become richer by the minute as the conflict in Ukraine boosts its gas revenues, but the country is not a war profiteer, Prime Minister Jonas Gahr Støre told AFP in an interview.

He suggested that Norway would soon become one of the world’s largest donors to Ukraine with an upcoming aid package, and rejected the unflattering “war win” claim of those who want Oslo to do more for Ukrainians.

His government is finalizing a “multi-year bailout package,” to be announced in the coming days, designed to help Ukraine and poor countries hit by the knock-on effects of the war, such as rising grain prices.

The aid will help them “maintain their civilian infrastructure, hopefully rebuild a free Ukraine one day, and support them militarily in the meantime,” Støre said.

The amount and details will be announced early next month.

Støre rejected the idea, advanced by the Polish prime minister, among others, that Oslo, albeit involuntarily, was exploiting the war in Ukraine for its own financial gain.

Since last year, the Scandinavian country has redoubled its efforts to help offset the drop in Russian gas supplies to Europe following Moscow’s invasion of Ukraine.

Oslo has increased gas exports by eight to ten percent and is now Europe’s largest supplier, keeping the continent warm this winter.

With the high gas prices, this means Norway’s treasury is overflowing.

This year, the government has forecast the largest-ever budget surplus of 1.12 trillion kroner (€1.03 billion).

The money will fuel Norway’s sovereign wealth fund, already the largest in the world, worth more than 13.4 trillion kroner (€1.23 trillion).

“Norway has been an explorer, with some risk, and seller of energy resources, oil and gas for 50 years,” said Støre. “Norway does not fix those prices”.

The higher gas price, he noted, has also led to skyrocketing electricity bills for Norwegian households and businesses, which is “a big challenge for us politically” in a country that relies heavily on electricity, including for its industry, heating and transport.

For more information, watch Euronews’ report in the video above.