The war in Ukraine stands to make Norway a lot of money. That's making some Norwegians uncomfortable
in 2021 from petroleum sales, triple the amount of the year before. But since Russia invaded Ukraine a month ago, prompting a wave of sanctions and sending gas and oil prices skyrocketing, even that impressive rise has been dwarfed.
This boon has provoked some national soul searching. “There’s a big debate going on right now, over how we should think about that money,” says Karin Thorburn, professor of finance at the Norwegian School of Economics. Some have questioned “if it’s a moral obligation that money that comes from the war should be used to help Ukraine,” she adds.
The question is also being debated in Parliament. Because of the windfall’s origins, opponents to both the right and the left of the government are calling for it to be earmarked for humanitarian aid to Ukrainian refugees and to help Norwegian households struggling with rising energy costs. The Conservative Party, for example, would like to see part of the funds applied to government subsidies for electricity.
For its part, the government has pledged 2 billion kroner in humanitarian aid to Ukraine from its regular budget, and plans to address the gas crunch by ensuring that its current high levels of production and delivery continue in the future. Asked about potentially targeted uses of the windfall, Vedum responded that the government is legally required to transfer the revenues from petroleum production in their entirety to the Government Pension Fund.
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