Ukraine will receive more than $7 billion in petrodollars from Norway

On Thursday, February 16, the Parliament of Norway announced the allocation of 75 billion Norwegian kroner ($7.3 billion) to Ukraine, which the country was able to earn amid high oil prices last year. The funds will arrive in Ukraine within a five-year period.

The funds will go to military and humanitarian aid, annual tranches are expected at $1.5 billion per year.

Norwegian Prime Minister Jonas Haar Støre said the Russian invasion of Ukraine a year ago was "the first attack on Europe since World War II." He added that the money was received from oil revenues, so the donation to Ukraine should not affect Norway's economy.