World News | Oil-rich Norway Donates USD 7.4 Billion in Aid to Ukraine

Copenhagen (Denmark), Feb 16 (AP) The parliament of oil-rich Norway on Thursday announced that the Scandinavian country is donating 75 billion kroner (USD 7.4 billion) to Kyiv as part of a five-year support package, making Norway one of the world's biggest donors to war-torn Ukraine.

In a video address to the 169-seat parliament, Ukrainian President Volodymyr Zelenskyy thanked Norway for the donation.

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“You are creating a precedent for long-term financial support for a state that's defending its independence," Zelenskyy said.

The 10 Norwegian party leaders spoke afterward to express their support to the package. Only the socialist Red Party, which has eight seats, opposed the donation, because part of the money was earmarked for weapons. No vote was held.

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The money will be split evenly between military and humanitarian assistance over five years, broken down to 15 billion kroner (USD 1.5 billion) annually.

The Russian invasion of Ukraine a year ago was “the first attack in Europe since World War II,” Gahr Støre said.

He added that the money was from oil income, and the donation should not affect the Norwegian economy.

“This is money out of Norway that we should not use or would not use in Norway right now" he added.

Norway is one of Europe's largest fossil-fuel exporters, and the conflict in Ukraine has boosted its revenues as European countries previously reliant on Russia seek alternative energy sources. However, Norway has fended off accusations that it's profiting from the war in Ukraine. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)