Norway will more than double its financial pledge to Ukraine this year while also hiking its own defence spending, the prime minister said on Thursday, declaring the Nordic country faced its most serious security situation for 80 years.

Funds would serve to strengthen Ukraine’s position, support a peace plan, enhance European security, prime minister says - Anadolu Ajansı

All nine political parties in the Norwegian Parliament pulled together on Thursday to address what Prime Minister Jonas Gahr Støre had earlier in the day called “the most serious security policy situation since World War II.

Norway is under pressure to tap into its massive sovereign wealth fund to boost aid to Ukraine as concerns grow over US support.

Norway should boost financial aid to Ukraine and hike its own defence spending, Prime Minister Jonas Gahr Stoere said on Thursday, declaring the country faced its most serious security situation for 80 years.

Norway has announced a massive increase in financial aid to Ukraine, more than doubling its planned support for 2024 in response to what Prime Minister Jonas Gahr Støre called the most serious security threat Norway has faced in 80 years.

Under the previous plan, Norway had allocated NOK35 billion ($3.21 billion) in aid to Ukraine through 2025. The new decision adds an extra NOK50 billion ($4.6 billion). Prime Minister Jonas Gahr Støre said the additional funds are a significant contribution to peace and stability in Europe.