Norway has signed an agreement to provide funding of almost $200 million to help Ukraine purchase natural gas this winter, the Norwegian government said in a statement on Monday.
The 2 billion Norwegian kroner (around $195 million) in funding will be “channeled” through the European Bank for Reconstruction and Development (EBRD).
It is part of a 10 billion Norwegian kroner (approximately $976 million) package that the Norwegian government has allocated to Ukraine in 2022 and 2023, the statement said.
“Ukraine has specifically asked Norway for support for the procurement of natural gas this winter. The timing is critical, and we are very pleased that the EBRD is to be our partner in carrying out gas purchases," Norwegian Minister of Finance Trygve Slagsvold Vedum said in the statement.
"It is important to channel the support through an established, internationally recognized organization, which will ensure effective and transparent use of the funding,”
The Ukrainian state-owned energy company Naftogaz will be the “formal recipient of the gas” in Ukraine, whilst payments will be made directly to European gas suppliers “that have received prior approval,” the statement added.