Norway Looks to Donate $7.3 Billion in Aid to Ukraine

COPENHAGEN, Denmark (AP) -- Oil-rich Norway is looking to donate 75 billion kroner ($7.3 billion) to Kyiv as part of a five-year support package that would make the Scandinavian country one of the world's biggest donors to war-torn Ukraine, the Norwegian government said Monday.

Prime Minister Jonas Gahr Støre said the money would be split evenly between military and humanitarian assistance over five years, broken down to 15 billion kroner ($1.5 billion) annually. The proposed aid package will be put to a vote in parliament.

Last week, European Commission President Ursula von der Leyen said that overall, the European Union's economic, humanitarian and military support for Ukraine now amounts to almost EUR 50 billion.

Norway is not an EU member, but has given Ukraine more 10 billion kroner ($1 billion) in civilian and military aid last year.

"It will lead to an increased use of oil money," Gahr Støre said, adding that he's hoping "a large majority" in the Norwegian parliament would approve the aid package. A parliamentary majority is expected to pass the proposal.

"Supporting Ukraine is supporting a people experiencing war, but it is also support for our fundamental security," Gahr Støre told a press conference.

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.

A rush by European countries to secure alternative energy sources following Russia's invasion of Ukraine nearly a year ago dramatically increased the demand -- and price -- for Norway's oil and gas.