Trade and economic cooperation | Embassy of Ukraine in the Kingdom of Norway and Iceland

Trade and economic cooperation

20 May 2026 17:00

Trade and economic cooperation between Ukraine and Norway is regulated by the following documents: the Free Trade Agreement between Ukraine and the EFTA States and the Agreement on Agriculture between Ukraine and Norway (both agreements were signed on 24 June 2010 and entered into force on 1 June 2012). During the last years, Ukrainian-Norwegian trade and investment cooperation has shown a relatively positive dynamic.

On 8 April 2025, Ukraine and the EFTA member states signed the modernized Free Trade Agreement, which will enter into force following its ratification by all signatory countries.

External Trade in Goods

According to the Central Bureau of Statistics of Norway, the total trade in goods for January-April 2026 amounted to USD 282 million (January-April 2025: USD 255 million). Exports from Ukraine totaled USD 37,5 million (-9.6%), while imports from Norway reached USD 244,5 million (+14.4%), resulting in a trade deficit of USD 207 million.

The principal export commodities comprised fats and oils of animal or vegetable origin – 28% (January–April 2025: 40%), manufactured goods – 25% (19%), food and live animals – 16% (19%), machinery and transport equipment – 15% (15%), and crude materials, inedible, except fuels – 15% (5%).

The principal import commodities included food and live animals (fish and crustaceans) – 38% (41%), manufactured goods – 32% (17%), and machinery and transport equipment – 29% (41%).

External Trade in Services

In 2025, the total trade in services between Ukraine and Norway amounted to USD 37 million, compared to USD 240 million in 2024. Exports from Ukraine totaled USD 30 million, representing an increase of 11,1% compared to the previous year, while imports from Norway amounted to USD 7 million, reflecting a decrease of 96,8%. The resulting trade balance was positive at USD 23 million.

Foreign Direct Investment

According to the National Bank of Ukraine, in 2025, the flow of foreign direct investment into Ukraine’s economy amounted to USD 1,7 million, while the FDI stock reached USD 26,9 million.

As of 31 December 2025, there were no Ukrainian investments in the Norwegian economy.

Guidelines for credit and banking institutions in Norway

A part of the territory of Ukraine is occupied by Russia as a result of its aggression, which began in 2014 and significantly expanded in 2022. Ukraine’s Autonomous Republic of Crimea and the city of Sevastopol are fully under Russia's temporary occupation. In the other four regions of Ukraine, namely Donetsk, Zaporizhzhia, Luhansk and Kherson oblasts, part of the territory is currently temporarily occupied by Russia, while the rest remains under Ukrainian control.

Any payment, trade and other foreign economic transactions with the territories of Ukraine temporarily occupied by Russia are prohibited by the relevant EU sanctions, which have also been joined by Norway.

At the same time, there are no restrictions on such transactions with the government-controlled territories of Donetsk, Zaporizhzhia, Luhansk and Kherson regions and they are carried out on the same terms as with the rest of Ukraine.

In case of need for additional information, we suggest taking into account the Consolidated FAQs drafted by the European Commission Directorate‑General for Financial Stability, Financial Services and Capital Markets Union for the financial institutions and business entities in the EU (Part D. Trade and Customs, paragraph 9. Oblast, p. 190): Consolidated version - Frequently asked questions concerning sanctions adopted following Russia’s military aggression against Ukraine and Belarus' involvement in it.

On February 4, 2025, the European Commission adopted updated recommendations in the form of an information bulletin titled “Good practices: General guidelines on payments to/from government-controlled areas of Ukraine”.