Norway's war profits should be spent on defending Ukraine

US President Donald Trump is clearly signalling that we can no longer trust the US to have Ukraine and Europe's interests in mind. At the same time, Europe faces an aggressive, rapidly rearming and revisionist Russia. Europe must defend itself. The time for hesitation is over.

Norway should be prepared to put large parts of the war profits from the high gas prices into the pot to protect Ukraine and Europe's security. The price for security in Europe is worth well over the entire profit of £1270 billion.

Look to Germany for inspiration! The economic history of Germans has made them extremely wary of spending more money than they have on book. Chancellor Olaf Scholtz calls on the German Bundestag to declare state of emergency to be able to strengthen the defense and support of Ukraine. This is in line with the crisis Europe is facing.

If Norway promises to use a fraternal share of the extraordinary gas revenues to support Ukraine, it will send a clear signal to our allies that we recognize the importance of European security, which will earn us goodwill in other contexts -- such as membership of the EU Health Union, exemption from any tariff barriers, and military support in the face of Russia.

It could also boost the morale of our allies and secure a clearer support from other European countries. The clearer Europe's support for Ukraine, the better conditions Ukraine will be able to obtain in a negotiated peace. When Trump invites Putin to the negotiating table, with or without Ukraine, both Russia and Ukraine must know that Ukraine has the Europeans' full support.

We can no longer allow ourselves to be Europe's Uncle Screw, who doesn't understand the value of things other than money. Norway has done nothing wrong by selling gas to Europe at market price. But the high prices are making our European allies poorer and us richer.

When we already have among Europe's highest levels of prosperity and an oil fund worth 20,000 billion, it is obvious that we have a special responsibility to stand up for Ukraine and Europe's security at this precarious moment. In a wider European war, Norway's prosperity and freedom will be at stake.

Finance Minister Jens Stoltenberg, who in his time was behind the rule of action, will of course say that we must not break this good rule of thumb. As his predecessor Trygve Slagsvold Vedum put it, we cannot allow ourselves to “take from future generations.” But to underinvest in peace in Europe is precisely to “take from future generations.” Rather, it is to condemn them to a dystopian future we who have grown up in post-war Norway have only seen on film.

The truth is that the rule of action is an argument for spending the extraordinary oil and gas revenues on supporting Ukraine. In any case, we cannot use the proceeds in the Norwegian economy for fear of the Dutch disease that will undermine its long-term ability to grow.

And the best thing we can do for our descendants is to ensure peace and stability in Europe, not to maximize the size on the money bin. What future generations need first and foremost is a world where the interests of small states are safeguarded and the foundations for continued growth are present. If we stand up for these values in an uncertain time, our descendants will thank us.

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