Norway approves $7.4B Ukraine aid package

LONDON

Oil-rich Norway on Thursday approved an aid package worth 75 billion kroner ($7.4 billion) for Ukraine, which will extend over five years.

The money will be split evenly between military and humanitarian assistance, with approximately $1.5 billion being allocated each year.

The package, dubbed Nansen Support Programme for Ukraine, received the backing of 10 party leaders in the Storting, Norway's parliament, including Prime Minister Jonas Gahr Store, who said the aid will be financed from the country's oil revenues and will not affect the Norwegian economy.

The socialist Red Party, which holds eight seats in parliament, however, opposed the donation, as some of the support is earmarked for military spending.

"We are standing together in condemning Russia’s war in Ukraine and in supporting the Ukrainian people’s legitimate fight to defend themselves," the prime minister said.

Ukrainian President Volodymyr Zelenskyy, who addressed the 169-seat parliament via video link, thanked Norway for the donation.

"I am grateful to all of you for your principled and unwavering support. For the thousands of Ukrainian lives saved. For the things that became a reality due to the Norwegian assistance to our defense," Zelenskyy said.

"You are setting a precedent of long-term financial support for a state that defends its independence," he added.